Cyber Liability Insurance is a must have for small business owners. We’ve detailed how cyber breaches have grown year over year since 2015, but many small business owners are still unaware of how vital Cyber Liability Insurance is to protecting their business.
Why Small Businesses Are At Risk Of A Cyber Attack
Small business owners may see the news about recent hacks like Equifax and WannaCry and think it could never happen to them. They may think their business is too small for a hacker to be interested in stealing their customer’s personal information.
In reality small businesses are the perfect target for cyber attacks. While they may not have a large customer base, they often have softer security than a large organization. This makes them more appealing to hackers, and easier to breach. Regardless of the size of a customer base, small businesses are at risk. In the past twelve months, over 50% of small businesses in the US have experienced a breach.
Cyber Attacks Can Cripple Small Businesses
Even with the increasing amount of cyber attacks each year, most small businesses feel like they are not at risk for a cyber attack. They may even feel like they could withstand the financial impact of a cyber breach, as they don’t have a large customer base. Unfortunately, this is not the case, as the cost of cyber attack can often reach tens of thousands of dollars even with a small amount of records compromised.
The cost of a cyber attack isn’t solely linked to the amount of records breached. As a small business owner, you will have to investigate the breach, fix the breach, and then notify your customers, as well as dealing with any lawsuits. This can quickly build costs to an insurmountable amount. A study conducted by the Cyber Security Alliance states that 60% of small businesses do not recover after a cyber attack.
What Small Business Owners Should Do
With the increasing risk of cyber attacks affecting small business owners, it may feel like there aren’t a lot of options. However, there are many things business owners can do to protect their business. We’ve put together a brief list of steps to take to protect your business.
- Don’t keep business computers for more than a few years
- Data you keep in one place is at risk data
- Invest in anti-virus software, and update your computer continuously
- Practice safe email and web browsing, and consult an IT expert if necessary
We provide more information about the steps above in our blog on the WannaCry attack. In addition to the steps above, investing in Cyber Liability Insurance will provide business owners financial protection in the event of a breach. With the potential cost of a cyber attack easily reaching tens of thousands of dollars, Cyber Liability Insurance is a safety net of protection and peace of mind for a small business owner.
AP Intego offers Cyber Security Insurance to small businesses that are looking for protection. As data breaches become more common, Cyber Security Insurance is a must for any business that values their customer’s data. If you are interested in learning more about Cyber Security Insurance, you can contact one of our Cyber Security Insurance experts at (585) 214 - 8565.