CYBER INSURANCE AND WHY YOUR SMALL BUSINESS NEEDS COVERAGE
It’s no secret that cybercrime is on the rise. A recent study indicates cybercrime is now the most serious threat to small businesses, accounting for roughly half of all attacks. – National Cybersecurity Alliance
There are many steps businesses can take to prevent a cyber incident, such as investing in robust cybersecurity measures. However, if an incident does occur, having cyber insurance can help you financially recover.
What is cyber insurance?
Cyber insurance covers financial losses that result from cyber events such as data breaches, cyber theft, ransomware and more.
- Cyberattacks are now a serious threat to small businesses because they typically lack enterprise-level protection.
- Cyber insurance is not typically included within general insurance and must be purchased separately.
- Each company offering a policy form has a unique list of coverage options available as well as exclusions, leading to a plethora of options.
- If your business handles or stores personal/sensitive information online, cyber insurance should be a top priority.
Cyber insurance is a vital tool in protecting businesses from financial fallout in the aftermath of a cyberattack. However, many insurance providers are reluctant to offer coverage due to the perceived risks. While that may sound like bad news, don’t worry — it’s possible to get and keep coverage with the help of an experienced IT service provider.