Cyber Insurance

Is your public entity properly protected?

Cyber insurance has been around for more than a decade, but new cyber risks are emerging daily. No entity is immune to cyber risks. The need to have the right cyber insurance is becoming more critical for public entities as more and more attacks are directed toward the public sector.

Symantec’s 2018 Internet Security Threat Report noted that the public sector leads all industries in email-based malware attacks. In fact, one of every 120 emails received by public sector workers will be infected with malware, and one in every 38 users will receive an email phishing attempt. Data breaches are still the most feared and devastating types of cyber incidents. The Ponemon Institute’s 2018 Cost of a Data Breach Study found the average cost of a data breach for the public sector is $75 per capita, up 5% since 2017. To put that in perspective, if a town has 3,000 citizens, the average cost could be $225,000 ($75 x 3,000)–and that is before any claims are filed by affected individuals, which could escalate the total cost into the millions.

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