We read in the news regularly that large retailers are being significantly impacted by cybercrime. Unfortunately, 54% of small businesses believe they are too small to be worried about cyberattacks. However, when you break down the numbers, you will find that 43% of cyberattacks target small business. And 60% of those small businesses end up going out of business within 6 months of the event. This means most small businesses are not prepared for these types of events, and it is too late once they happen. Managing cyber risk requires having effective technology controls, sound business practices, and appropriate insurance coverage.
To help protect your business, cyber insurance is a great idea. Listed below are key elements of protection to consider when selecting your coverage:
Having antivirus software is not enough to protect what you have worked so hard to build. Cyber criminals never stop looking for ways to gain access to your system and trying to keep up with them can be time consuming and costly. Cyber insurance can give you peace of mind and help provide the support you need.