General liability insurance may not cover the costs associated with cyber security and the quality of your security controls can affect the cost of cyber liability insurance. The average cost of a single data breach is approximately $204.00 per lost record. Learn what you need to know before disaster strikes.

Examples below illustrate where such breaches can cost you:

• Unauthorized Access: Computer hackers gained access to computerized cash registers of a retail operation and stole credit card information of 5,000 customers, which caused fraudulent purchases around the world.
• Theft of Digital Assets: 365,000 client records were exposed when a consumer reporting agency had data stolen. Back up tapes, laptops and disks containing social security numbers, demographic information and some client financial data were some of those documents stolen. The organization and state attorney general settled providing clients with free credit monitoring, credit restoration to clients that were victims of identity fraud and reimbursement to clients for direct losses that resulted in the data breach. The organization was required to revamp its security policies, implement technical safeguards and conduct random compliance audits.
• Privacy Breach: An investigative and security agency employee improperly disposed of approximately 4,000 client cases in violation of the agency's privacy policy. The cases contained personal information, social security numbers, credit and debit card account numbers, names, addresses, telephone numbers and sensitive investigative and security information. The agency settle the claim with the state and paid fines and penalties imposed by the state in the amount of $890,000 in customer redress funds for credit monitoring on behalf of all victims involved.
• Human Error: An employee of a private high school mistakenly distributed names, social security numbers, birthdates and medical information of about 1,250 students and faculty members via email creating a privacy breach.
• Cyber Extortion Threat: A US based information technology company was contracted with an overseas software vendor that left universal "administrator" defaults installed on a company's server. A "hacker for hire" was paid $20,000 to exploit such vulnerability. The hacker advised if the requested payment was not made he would post millions of registered users records on a blog for everyone to see. The extortion expenses and monies are expected to exceed $2,000,000.
• Malicious Code: A computer worm was released by a juvenile directed infected computers to launch a denial of service attack against a regional computer consulting & application outsourcing firm. The infection caused an 18 hour shutdown of the firms computer systems. It costs the company an approximated $875,000 to repair and restore their system as well as interruption expenses.
  
  
  
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