"All businesses increasingly rely on information technology and the Internet and the threat of cyber-attacks and breaches are real and on the rise," said John Hahn, CEO of EPIC. "It is no longer a question of if, but rather when one will be targeted. We are pleased to have experienced Cyber risk experts on our Financial Risk Solutions Resource Group, who can deliver a full range of products and services to mitigate and manage the growing cyber liability exposures that businesses face."
Here are some of the staggering statistics business owners should keep in mind when considering whether to purchase cyber liability coverage:
- 50% of Cyber-attacks target businesses with less than 1,000 employees
- It takes the average company 205 days to detect an intrusion (nearly 7 months)
- 69% of companies learn they have been breached through a third-party (often a client)
- 700 million records were compromised in 2015
- The estimated average cost of a data breach in 2016 now tops $4 million
- Despite these threats, 75% of small and mid-sized businesses have no coverage.
In addition to state of the art insurance protection, in the event of a data breach the Financial Risk Solutions team works closely with EPIC clients to help manage the costs associated with investigation, response, regulatory inquiries, lawsuits and reputational fallout that are all a part of the cyber breach response process.
To learn more about EPIC's Cyber Risk Insurance Platform for small and mid-sized businesses, please join us for the webinar being held on Wednesday, October 26, 2016 at 11 a.m. PDT. You can register by visiting the events page on the EPIC Website at: http://www.epicbrokers.com/event/cyber-education-webinar/#tabs.
For additional information please contact your EPIC representative or the EPIC Financial Risk Solutions Resource Group at firstname.lastname@example.org.
EPIC is a unique and innovative retail property and casualty and employee benefits insurance brokerage and consulting firm. EPIC has created a values-based, client-focused culture that attracts and retains top talent, fosters employee satisfaction and loyalty and sustains a high level of customer service excellence. EPIC team members have consistently recognized their company as a "Best Place to Work" in multiple regions and as a "Best Place to Work in the Insurance Industry" nationally.
EPIC now has more than 850 team members operating from offices across the U.S., providing Property Casualty, Employee Benefits, Specialty Programs and Private Client solutions to more than 13,000 clients.
With more than $250 million in revenues, EPIC ranks among the top 20 retail insurance brokers in the United States. Supported by the Carlyle Group, the company continues to expand organically and through strategic acquisitions across the country. For additional information, please visit http://www.epicbrokers.com/.
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SOURCE EPIC Insurance Brokers and Consultants