Many think that small to medium-sized enterprises (SMEs) aren’t at risk for cyber attack. On the contrary, the landscape for attackers is huge. It is imperative that companies of all sizes have some kind of protection to avoid becoming the target of an attack.
It is estimated that an individual’s health record is worth 10 to 20 times more on the black market than a credit card number. Why? Health records contain names, birthdates, diagnoses, and billing information. All of these things can be used as a foundation for identity theft.
Cyber liability insurance is typically not included in Professional or General Liability Insurance policies. CyberProGuard® data breach liability insurance by CM&F can be purchased separately, and is designed specifically for small to medium sized healthcare groups.
- 79% of breaches hit entities with <$1 Billion in revenue (Baker Hostetler)
- $1.56 Million is the average US post-breach response cost (IBM)
- 19% of organizations took a day or more to recover from a breach
- 43% of SMEs identified cyber breaches or attacks within the last 12 months (Cyber Security Breaches survey 2017)
- 60% of small businesses go out of business within 6 months of a cyber attack (US National Security Alliance)