Cyber-attacks and data breaches continue to make the news, and small to mid-size firms are just as vulnerable as larger organizations. Unlocked computers, lost mobile devices, stale security passwords, and network hacker attacks are just some of the ways CPA firms are exposed to data breaches and cyber risk.Consider This: The average cost of a data breach to an organization was $141 per compromised record in 2017, according to the 2017 Cost of a Data Breach Study by Ponemon Institute. This includes direct costs (such as forensic experts, legal expenses, and communications) as well as indirect costs (such as client loss from turnover or diminished acquisition). A firm with 1,000 client records, at a rate of $141 per record for breach response, may potentially experience over $141,000 in direct and indirect costs without full-service, expert remediation services to help prevent or reduce these costs. A single incident of this nature can significantly impact a firm’s financial bottom line.
CAMICO’s CyberCPASM coverage is available to policyholders with CAMICO Mutual Professional Liability insurance.Core coverages include Privacy Breach Response Costs, Network Asset Protection, Cyber Extortion and Cyber Terrorism. With CyberCPA, your firm not only is protected in the event of an attack, but has access to risk management resources that can help minimize the possibility of a breach.
Protect your clients and your business with CyberCPA!
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