Don’t Equate Small with Safe
Despite significant cybersecurity exposures, 85 percent of small business owners believe their company is safe from hackers, viruses, malware or a data breach.
This disconnect is largely due to the widespread, albeit mistaken, belief that small businesses are unlikely targets for cyber-attacks. In reality, data thieves are simply looking for the path of least resistance.
Symantec’s study found that 40 percent of attacks are against organizations with fewer than 500 employees.
Attacks can happen inside the company too
Outside sources like hackers aren’t the only way your company can be attacked—often, smaller companies have a family-like atmosphere and put too much trust in their employees.
This can lead to complacency, which is exactly what a disgruntled or recently fired employee needs to execute an attack on the business.
It’s not a matter of if you’ll be attacked, it’s a matter of when
The world will never be free of cyber risks, but there are many loss control techniques you can implement to help protect your business from exposures.
- Train and test employees in cyber-security principles on a regular basis and develop a written IT policy.
- Install, use and regularly update anti-virus and anti-spyware software on every computer device used in your business.
- Conduct regular risk assessments.
- Implement an employee password policy
What Can Cyber Liability Insurance Do for Me?
Data breach coverage: in the event of a breach, organizations are required by law to notify affected parties. This can add to overall data breach costs. Particularly as they relate to security fixes, identify thief protection for those impacted by the breach and protection from possible legal action.
Business Interruption loss and reimbursement: A cyber-attack can lead to an IT failure that disrupts business operations, costing your organization time and money. Cyber Liability insurance could cover your loss of income during these interruptions.
Cyber extortion defense: Ransomware and similar malicious software are designed to seal and withhold key data from organizations until a steep fee is paid. As these types of attacks increase in frequency and severity, it’s critical that organizations seek cyber liability insurance, which can help recoup losses related to cyber extortion.
Forensic support: following a cyber-attack, your organization will have to investigate to determine the extent of the damage caused by the breach and what led to it. The right policy can reimburse the insured the costs related to forensics and seeking out expert advice.
Legal support: in the wake of a cyber incident, business often need or seek legal assistance. The assistance can be costly, though comprehensive Cyber Liability Insurance coverage can help businesses afford proper legal work following a cyber-attack.
Coverage beyond a general liability policy: General Liability policies don’t always protect organizations from losses related to data breaches. What’s more, data is generally worth far more than physical assets and it’s important to have the right protection in place when you need it most. Supplementing your insurance with cyber ;iability insurance coverage could provide you with peace of mind, that in an event of an attack, your organization financial and reputational well-being is protected.
The next step is easy!
Call us today at (732) 649-1600 to learn how our advisors could get you the right Cyber Security Insurance coverage, at the right price, and superior service. You can also Request A FREE Insurance Quote on our site or Contact an advisor for more information.