Cyber risks for organizations of every size and in every industry are on the rise.
Today, the FBI ranks cybercrime as one of its top law enforcement activities, and large organizations including Target, Primera Blue Cross, Anthem, JPMorgan Chase, Home Depot, and many other smaller and mid-size businesses have been compromised by cyber breaches.
Despite the significant risk to organizations of every size in every industry, insurance providers often encounter resistance when introducing the topic of Cyber risk coverage for the first time. Potential buyers, unaware of the true cost of a breach, reject the coverage with responses such as, "Legal or IT says we don't need it," or "It's our point-of sale-vendor's liability" or "It's unaffordable."
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