Cyber Liability Insurance Summary

Helpful Facts

  • The food industry faces increasing cyber risks due to its digital transformation, with a significant rise in cyberattacks, particularly ransomware, which has surged by over 50% in the last year.
  • The average cost of a data breach in the food and beverage sector reached $3.86 million in 2023.
  • Cyber liability insurance is crucial as it covers various costs associated with cyber incidents, including legal fees, data recovery and restoration, and crisis management services to restore the company's image.
  • Implementing robust cybersecurity measures, conducting regular security audits, and providing employee training on cyber threats are essential preventive actions recommended by the FBI.
  • Working with cybersecurity experts is vital for identifying vulnerabilities, implementing strong security measures, and ensuring compliance with industry standards.