Business Insurance

Cyber Insurance

The world is forever changing, and it's our job to make sure you are protected no matter what.

The unseen threat we all face.

Your Systems | Your Networks | Your Private Files

As we push further into the 21st century, we are becoming more and more reliant on devices, networks, and the Internet to propel our businesses to new heights. As such, cyber threats and data breaches are quickly becoming the number one concern for companies across all industries. Gone are the days when small or medium sized businesses could safely assume they were safe from hackers.

There are two types of companies:

Those who have been hacked, and those who don't realize they've already been hacked.

Recognizing the importance of Cyber Insurance has pushed SourceOne to think outside the box. Sending an agent to a week of training on cyber security topics and then passing them off as an “expert” is simply not good enough. In order to truly recognize the specific Cyber needs of each organization, your agent must have an in-depth understanding of advanced Cyber topics.

Data Breach Facts

As of September 2021, data breaches remain a significant threat to businesses worldwide, irrespective of their size or sector. Here are some key data breach facts:


  • Frequency: The number of data breaches has been steadily increasing. According to a report from Risk Based Security, there were 3,932 reported breaches in the first half of 2020 alone, which exposed over 27 billion records.
  • Impact: Data breaches can lead to massive financial losses, reputational damage, loss of customer trust, and potential regulatory penalties.
  • Average cost: The "2020 Cost of a Data Breach Report" by the Ponemon Institute and IBM Security estimated the average total cost of a data breach to be $3.86 million.
  • Main Causes: The most common causes of data breaches include malicious attacks (like cyber-attacks and insider threats), human error, and system glitches.
  • Most targeted sectors: Some sectors are more targeted due to the nature of the data they hold. The healthcare sector, for instance, is often a prime target due to the value of health data. Financial services, retail, and the public sector also frequently fall victim to breaches.
  • Time to identify and contain: On average, it takes organizations about 280 days to identify and contain a breach, according to the Ponemon Institute's report. This prolonged response time can increase the cost and impact of a data breach.


Contact SourceOne today to begin an in-depth discussion of your company’s needs and how we can help.

Risk Analysis Services

Cyber terrorism is on the rise and becoming a worldwide problem. Local companies in Northeast Indiana have already been exposed to various attacks and intrusions which have resulted in downtime for the employer and increased operating costs, including those not part of a typical budget process. In order to understand what type of cyber insurance your company needs, you must first understand the ways that you are vulnerable.


A risk analysis is a comprehensive process that will identify areas of potential vulnerability and allow you to put remedies in place. Protecting against cyber threats involves more than a firewall. All companies should have standards and practices in place that are designed based on the company’s business and operating needs. 


Our Cyber Specialist can guide you through the risk analysis process by reviewing the various areas of concern, help to formulate strategies to correct areas of deficiency or vulnerability, and advise you on ways to best document your risk analysis process in case of an attack. Call us today to learn more about our risk analysis services.

Share by: