A data breach at a major corporation can be big news. But cyber attacks at smaller businesses happen far more frequently—and have the potential to be just as (if not more) costly to their victims. Insurance broker Gunn Steers provides cost-effective insurance solutions that help protect businesses—particularly investment advisers and fund companies—from the financial impact of a cyber attack.
Why should your business consider cyber insurance from Gunn Steers?
- It’s not just for big business. The fact is, 71 percent of cyber attacks occur on businesses with less than 100 employees.
- Cyber insurance is more affordable than you think. With annual premiums of as little as $2,500, this insurance is far less expensive than notification costs, forensic analyses and credit monitoring should a breach occur—not to mention the “soft” costs associated with the negative publicity, business interruption and lawsuits should one occur.
- It covers a broad range of scenarios, including data breaches, lost records, reputational records, extortion, fraudulent wire transfers and more.
- You are legally responsible for your data. In fact, 47 states now require businesses to notify customers in the event of a data breach—and such notifications make up the majority of the costs associated with any cyber attack.
- Cyber insurance picks up where your other policies leave off. General liability policies exclude internet-related losses and data breaches, while crime, directors and officers liability and errors and omissions policies provide limited coverage.
Cybersecurity: High on your priority list—and ours.
With over three decades of financial industry experience, we know the systemic risks your institution faces—and how to help you effectively address and manage them.