Cyber risk affects all industry sectors. With threat actors becoming more coordinated and sophisticated, cyberattacks have increased in frequency, and losses have grown in severity. Many small and midsize businesses are unprepared for the potentially devastating financial and reputational impact of cybercrime. IOA plays a key role in helping clients understand the rapidly evolving cyber risk and privacy landscape and navigate the challenging cyber insurance marketplace.
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Examples of cybercrime costs include damage, destruction and theft of data; stolen money; lost productivity; theft of intellectual property; theft of personal and financial data; extortion; fraud; post-attack disruption to the normal course of business; forensic investigation; restoration and recreation of data; legal counsel; expulsion of malware and backdoors on computer systems; lost business opportunities; notification; and replacement of hardware and software.
The effects of cybercrime can linger beyond the point of restored operations. The aftermath may include costly third-party litigation, class actions, and regulatory fines and penalties.
IOA’s Cyber Practice offers resources and subject matter expertise to help clients assess and quantify their organization’s cyber risk and provides access to pre-breach services that help mitigate vulnerabilities and threats. We recommend appropriate coverage and capacity and seek competitive cyber insurance options through our robust network of the leading and most innovative cyber carriers.