Just as the holiday shopping season was about to begin, the Rokenbok toy company was in the middle of a business nightmare. Online criminals from outside the country had encrypted the company’s files, demanding a hefty ransom to unlock the data. The company was losing thousands in missed orders by the day. Worse yet, this cyber attack wasn’t Rokenbok’s first: earlier that year the company had been hit with a denial of service attack, shutting down their website.
“I sweated that one,” said CEO, Paul Eichen, in an interview with the New York Times. “Customers’ first impressions are critical.”
It took four days to reconstruct the data and the hackers were never caught.
Data drives the organizations of today’s world. Business of all sizes have had a cyber attack or data breach, with the average cost to rectify rising to $6.5 million per occurrence. One stolen laptop, one careless employee, a virus or even paper records that fall into the wrong hands, can create a financial and reputational consequence affecting your business for years to come.
With a comprehensive cyber liability policy, you can feel confident you’re covered in case of data breaches and related issues, including:
Cyber liability coverage is available for any Massachusetts business, small and large, nonprofit organizations, and retailers. You may be able to save cost by bundling coverage with another policy to create a comprehensive suite of business liability coverages. Anderson, Bagley & Mayo Insurance can help you asses the risks to your business, and get you the protection you need in today’s data reliant world.
We can help protect your business against damage to electronic data, virus or malware attack, liability to third parties, and also help recover the cost of:
You may think you want the cheapest insurance you can find, but realize you may not be getting everything you bargained for. While most insurance products are similar in price and function, insurance providers are very different when it comes to structuring a policy that actually covers you. There’s no such thing as a one-size-fits-all insurance policy when it comes to your business.
We’re your neighbors. We protect people we know and care about in Massachusetts, and that means we always look for ways to protect you better, including carefully choosing the insurance companies we represent to be both affordable and responsive. Click on the quote request button now and let the professionals at Anderson, Bagley & Mayo Insurance help you forge the strongest shield possible to help you protect the things you care about most.