Cyber Insurance | First State Insurance Agency

Rising Cyber Threats

Prevalence of Cyber Attacks

43% of all cyberattacks target small businesses.
75% of small businesses experienced at least one cyberattack in the past year.
62% of SMBs suffer multiple cyberattacks annually.
Every 11 seconds, a small business is targeted.

Common Attack Types

Malware (18%), Phishing (17%), Credential Theft (13%), Ransomware (12%)
Social engineering attacks are 350% more frequent for small business employees than larger firms.

Most Vulnerable Industries

Healthcare: 59%
Financial Services: 47%
Government: 43%
Education: 41%

Financial Impact of Cybersecurity Breaches

Cost of Breaches

The average cost of a data breach for small businesses ranges from $120,000 to $1.24 million.
Ransomware demands alone average $1.54 million, nearly doubling from previous years.
Downtime from attacks can last 22 days, costing thousands in lost revenue per day.

Business Consequences

60% of small businesses go out of business within 6 months of a severe cyberattack.
Reputation damage and customer churn are common post-breach outcomes.

Legal and compliance fines (e.g., GDPR, HIPAA) can add tens to hundreds of thousands in costs.

Cybersecurity Preparedness

Current Gaps

80% of small businesses lack a formal cybersecurity policy.
Only 31% have implemented multi-factor authentication (MFA).
45% lack endpoint protection on company devices.

Human Factor

95% of breaches are due to human error.
Many small businesses rely on untrained staff or family members for cybersecurity management.

What We Cover

Data Breach Response: Costs for investigation, notification, and remediation

Business Interruption: Lost income during system outages

Ransomware & Extortion: Coverage for ransom payments and recovery

Regulatory Fines & Legal Fees: Compliance with GDPR, HIPAA, CCPA

Third-Party Liability: Protection against lawsuits from affected clients

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Cyber Security