Embroker, which claims that it offers the easiest way to intelligently insure any business, notes that making sure your business is prepared and protected in any incident “should be top of mind.”
Embroker writes in a blog post that a commercial crime policy “aims to protect your company from losses caused by both third parties or internal employees.” For cybersecurity breaches or similar events, cyber liability insurance aims to “keep your company covered.”
Emrbroker has also shared some notable stats:
- In 2020, the average cost of an insider attack “is $11.45 million.” (Source: Ponemon Institute)
- Insider threat incidents “have increased by 47% since 2018.” (Source: Ponemon Institute)
- Insiders are “involved in 57% of data breaches.” (Source: Verizon)
- 20% of cyber incidents are “caused by a misuse of privileges.” (Source: Verizon)
- 50% of companies “have over 1,000 sensitive files and 22% of files available to every employee.” (Source: Varonis)
- Healthcare, information technology, and financial services “are the top three sectors where insider breaches occur.” (Source: Verizon)
- Halting cybercrime is “of higher priority for 68% of merchants.” (Source: NRF)
- 25% of insider data theft “involves stolen privileged user credentials.” (Source: Ponemon Institute)
- 60% of companies “have experienced 30 or more cyber incidents in one year.” (Source: Ponemon Institute)
- Employee or contractor negligence “causes 63% of attacks.” (Source: Ponemon Institute)
Embroker also noted that 75% of employees “admit to stealing at least once from their employer.” Whether it’s a result of “entitlement” or just “general dishonesty,” employee theft comes in “many forms and at varying degrees.”
Embroker also mentioned that “everything from scrolling social media during a meeting to sharing confidential documents with an outside source can be considered workplace theft.”
Although some cases are more serious than others, if you’re leading a company, “it’s important to stay up to date on what’s what (legally),” according to Embroker.
The company also noted that internal theft can have “a major impact on your bottom line — alone, it’s estimated to cost U.S. businesses up to $50 billion a year.”
From fraud cases to data security incidents, Embroker has taken a detailed look at the common types “backed by statistics and trends for 2022 and beyond.” (Note: for more details on this update check here.)
