‘Phishing’ and ‘ransomware’ are probably two words you’ve heard circling your business; whether that’s from phishing training, hearing about ransomware attacks in the news, or your business was a victim of an attack. The online world has significantly developed over the past few decades, and so have cyber criminals. COVID-19 has opened up a new technology window for working remotely, many businesses are upgrading or investing in technology, and some business owners solely operate their businesses online. While new technology is amazing, it can leave your business vulnerable to data breaches. More business owners are investing in cyber security efforts to protect themselves such as online trainings for employees and using a top antivirus provider, but what can you do to protect you and your business if it’s attacked? 

 

Today, more business owners are purchasing cyber insurance to protect their businesses.

 

A cyberattack, or data breach, gives away sensitive customer and employee information like social security numbers, credit card numbers, banking information, and more. Having your company’s private information released to the public or having its data destroyed is never something you hope for. Unfortunately, no business is too large or too small for an attack; about 55% of small businesses have experienced a data breach.  

 

These cyberattacks can significantly impact a business. They can cause companies to lose customers, damage their reputation, and cost them thousands of dollars—sometimes millions. 

 

By investing in cyber insurance, business owners can help themselves after an attack. Having cyber insurance can cover legal fees and expenses, cyber extortion and crime, restore personal identities or affected customers, notify customers about a data breach, repair damaged computer systems, cover business interruptions, and recover compromised data.  

 

Do I need cyber insurance? If your business collects credit cards or digital payments, uses computers or mobile devices, keeps medical or financial data, or stores confidential customer or client information, it’s recommended you get cyber insurance.  

 

Insurance agencies can help find the right type and amount of cyber insurance to help secure your business before an attack happens and ensure you’re covered if one happens.