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10/9/2013 - Business owners: Cyber attacks greater hazard than severe weather

More than half of businesses say they’ve been the victim of a cyber attack.

Even though environmental catastrophes have proven to be major sources of frustration for business owners - a majority of entrepreneurs say cyber security risks are a greater threat to their viability than natural disasters.

According to a recent poll performed jointly by global information services company Experian and independent research organization the Ponemon Institute, when participating entrepreneurs were asked to cite the threat that posed the biggest risk to their company's success, cyber warfare was cited as being a more serious peril than weather events like a flood, hurricane or tornado. Additionally, of the 56% of business owners who indicated they had been hacked, the average cost of these incidents was north of $9 million.

Michael Bruemmer, vice president of Experian's data breach division, indicated that companies are recognizing more than ever the pervasive danger of cyber attacks.

"We are reaching a tipping point where the majority of companies we surveyed now rank cyber security risks as high as other major insurable business risks," said Bruemmer. "We anticipate that demand for cyber security insurance is likely to increase in response to evolving breach response policies."

With this being Cyber Security Awareness Month, Selective's CyCurity® coverage is one of the more broad-based protections business owners can get. Both large and small businesses can't afford to lose their customers or reputations, and CyCurity® can offer the security needed to withstand and overcome brazen hacking attempts.

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