Insurance leader unveils new CyberRisk product

Commercial Insurance NewsTravelers Bond & Financial Products has released their latest product, CyberRisk, which has been designed to minimize the cyber exposure and connected risks to their business clients. 

According to the product manager of the leading insurance company, Jason Glasgow, “Cyber risks leave businesses exposed regardless of size, industry or track record.”  He explained that though organizations may put many powerful strategies into place in order to limit their exposure opportunities, there remain a large range of additional risks beyond obtaining data within a single hacker attack. 

Cyber liability for a business includes everything from coping with leaks of information to covering the costs connected with managing the crisis itself.  As the threat of cyber attack continues to grow among businesses, regardless of their size, the expenses associated with those data breaches has grown to alarming levels. 

The findings of a recently released study have suggested that in 2010, the average cost of a data breach to a company was $7.2 million.  A second study indicated that in the United States alone, there was a breach to approximately 515 million records throughout that same year.  

This year has already experienced a number of massive, high-profile hacker attacks that have led unauthorized individuals to gain access to records on a large-scale.  It is expected that the numbers for 2011 will be notably higher than those from last year. 

The CyberRisk product by Travelers Bond & Financial Products will be highly customizable, based on the type, size, and nature of the business.  This includes those for private businesses, public companies, financial institutions, non-profit organizations, and many others.  There are many options from which to choose, based on 10 year coverage.

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