Its recently announced CyberSolutions product combines liability coverage with coverage for such hard costs as data recovery. It also covers public relations expenses, loss of business and other costs.
According to a recent study by Poneman Institute, the average cost to a business of a data breach is $3.5 million, up 15% in the last year. Forty-five percent of executives surveyed said their companies experience a cyber attack at least once a day.
Formed in 1911, EMC is one of the largest insurance businesses in the US, offering insurance and reinsurance products in all 50 states and around the world.
Cyber liability is one of the great areas of growth and as is often the case with such things, uncertainty. In other words it is a field of wide-open opportunity. One company that has been filling this need for awhile—with more than 12,000 companies insured—is EMC Insurance.