Cyber Coverage: Protecting Against the ‘Hack Attack’

Travelers’ Tim Francis on the essential elements of a Cyber Liability program, which industries are at high risk and who should get the first call when a breach occurs

Cybercrime, including identity fraud, is the world’s fastest-proliferating criminal threat. According to Interpol, cybercrime, which used to be committed by expert individuals, is now perpetrated by organized syndicates that target big and small businesses alike. The crime-enforcement association estimates that, to date, such organizations have stolen up to $1 trillion in intellectual property from businesses worldwide. 

And even though the average cost of a data breach jumped by nearly a million dollars between 2009 and 2010, only 23 percent of U.S. businesses now have formal Internet-security policies in place.  

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