Specialized Cyber Protection for Maryland Tech Council Members

Companies have begun paying more attention to their cyber liability, and with good cause. 2017 continued the steady pattern of increasing cyber-attacks with over 7 billion records stolen, an increase of 305% from the previous year. And while high profile attacks on Equifax and Uber made national headlines, cyber criminals continued to shift their attention to small and medium size businesses (SMBs). In a report published by the Ponemon Institute about SMBs, 61% reported attacks in the past year and the average cost of damages over $1 million.  

Thankfully, there are protections in place to limit a company’s exposure. Cyber insurance markets remain competitive allowing for companies to purchase coverage for first-party costs and third-party liability in the event of a breach. Through its extensive market relationships, Gallagher developed a specialized cyber program for Maryland Tech Council members that enhances their protection with broader coverage. Equally important, Gallagher offers the e-Risk Hub, a proprietary tool that allows company leaders to evaluate their cyber exposure and determine the correct coverage to purchase. To learn more about cyber and other risk management topics, please contact Steven Matz at Steven_Matz@ajg.com or 443-283-1361.