Published: Sep 26, 2024

It's more important than ever to acknowledge the rapidly evolving digital threats facing businesses of all sizes. According to recent data, the number of cyberattacks continues to grow at an alarming rate, with 2024 marking another significant year for breaches across industries. Experts are warning that no business—small or large—is immune to the potential financial and reputational damage of a cyberattack.

At SRA, we understand the necessity of proactive protection. Our Data Breach Liability & Loss of Income Plan is designed to address critical gaps left by traditional cyber insurance policies, offering comprehensive coverage for today’s most dangerous cyber threats, including ransomware, phishing, and social engineering. This October, we encourage business owners to take stock of their cyber risk mitigation strategies, ensuring their businesses are safeguarded against growing digital vulnerabilities.

What’s New in 2024?

Increased Cyber Insurance Premiums: Cyber insurance premiums have risen steadily, fueled by a surge in breaches over the past year. Businesses are facing not only higher costs but also stricter underwriting requirements, leaving many with inadequate coverage. According to a recent CBS report featuring SRA, cyber insurance prices have increased significantly, and many companies are struggling to meet these new demands. This is especially true for credit unions and small businesses, which often have gaps in their breach liability coverage.

Sophisticated Attacks on the Rise: In 2024, hackers have become increasingly sophisticated, often targeting businesses with complex phishing schemes and advanced ransomware techniques. Dustin Carlson, President at SRA, suggests that most businesses should expect to experience some form of cyberattack in their operational lifetime. This increased threat level highlights the importance of ensuring your business is fully covered.

SRA’s Comprehensive Cyber Protection

We’ve tailored our Data Breach Liability & Loss of Income Plan to provide robust coverage for today’s business needs. Whether it’s ransomware, phishing, or even malicious employee acts, this plan includes essential endorsements like:

• Ransomware & Extortion: Protect your business from the costly and disruptive effects of ransomware attacks.
• Social Engineering: Guard against schemes that trick employees into compromising sensitive information.
• Consequential Damages: Ensure coverage extends beyond immediate breaches, covering the wider financial fallout.
• Extended Reporting Periods: Safeguard against breaches that go unnoticed for extended periods, ensuring claims can still be made.

In addition, we continue to offer our clients and Strategic Partners free access to Wizer, an industry-leading cybersecurity training platform. With nearly 90% of our clients utilizing a data breach policy, we know that education is key to preventing breaches. Wizer provides crucial training for you and your employees, helping them recognize and respond to potential threats before they turn into costly disasters.

REQUEST WIZER ACCESS HERE

Real-World Impact: Case Study

One of our recent clients, a real estate firm in Utah, fell victim to a sophisticated wire fraud attack resulting in a $250,000 loss. Despite implementing basic security measures, an employee was tricked into engaging with the hackers, leading to the costly incident. Thanks to SRA's Data Breach Liability Plan, the company was able to file a successful claim, receiving the financial protection that their traditional cyber insurance would not have provided.

This real-world example is a stark reminder that cyberattacks can happen to anyone, and having the right coverage in place is essential.

SRA Discusses Cybersecurity in the Media 

Recent news coverage further highlights the urgency of addressing cybersecurity gaps:

• How Likely Are Businesses to Get Hit by a Cyberattack? – Experts from a CBS17 article share the sobering truth: every business, no matter the size, is at risk of a cyberattack.
• Cyber Insurance Prices Increase as More Companies Experience Breaches – Another CBS article reports that the rise in breaches is driving up premiums, putting more pressure on businesses to secure affordable and comprehensive coverage.
• Helping Credit Unions Close Breach Liability Coverage Gap – Finopotamus covers how industries like credit unions are struggling to fill coverage gaps, further stressing the importance of plans like SRA’s Data Breach Liability & Loss of Income Plan.

These articles make it clear that businesses need to be proactive in protecting themselves from ever-evolving cyber threats.

Cybersecurity Awareness Starts Now

Cybersecurity is a shared responsibility. This October, we encourage all businesses to take cybersecurity seriously. Protect your income, your reputation, and your future by ensuring you have the right plan in place. Download our case study or check your eligibility for an 831(b) Plan today.

Watch the Video: Learn more about how SRA can help your business stay ahead of cyber threats.

Share this post: