85% of data breaches strike small businesses
60% of small business hit by a cyber-attack go out of business within six months
Average cost of a data breach is $800,000. Ouch!
It’s time to take some basic steps to prepare your company for an attack by putting some contingency measures in place. And that includes insurance.
Because it’s not the attack itself that’ll shut your business down. It’s the cost of recovering from one.
Without cyber liability insurance, which can take care of these costs, no wonder so many small businesses are going under.
Damage to computer systems
When a hacker targets your business through your computer systems, they can damage or even destroy data on these systems. This can cost your business a significant amount of money to repair or replace computer systems or lost data.
Theft of data
A hacker can steal sensitive data from your business, such as customer information or trade secrets. This can be damaging to your business, both financially and reputationally.
A cyber-attack can disrupt the normal operations of your business, causing it to lose money in the process. This can be very damaging for businesses that rely on technology to function.
If you’re unlucky enough to be successfully targeted by a hacker, your business may be held liable for the damages caused. This can cost your business even more money in legal fees and settlements.
A cyber attack can damage the reputation of your business, making it difficult to attract or retain customers or partners. This can have a long-lasting impact on your business, even after the immediate damages have been repaired.
If a hacker steals customer information from your business, the customers may be at risk for identity theft. This can cost your business money in the form of customer compensation and legal fees.
What Can Cyber Liability Insurance Cover?
- Costs to replace of restore damaged computer systems
- Costs to replace or restore data
- Income lost and extra expenses if a cyber-attack stops you from doing business
- Legal fees and compensation costs if you’re sued for losing someone’s data
- Cost of investigating a data breach
- Cost of notifying customers about a breach
- Some policies cover costs of restoring your reputation and managing customer relationships
Cyber Liability Insurance can’t stop an attack, but it can take care of these costs and get you expert help so your business survives one.
Who Needs Cyber Liability Insurance?
While some think that cyber liability insurance isn't necessary, there are plenty of facts that contradict that. If a staff member opens up a faulty link, you'll be exposed in a matter of seconds. Take a look at where cyber liability insurance is most helpful:
- If you own a business, whether large or small
- If you use email
- If you have internet
- If you utilize software or computers
- If you obtain employee or client data electronically
Curious Where Your Business is Vulnerable to a Cyber Attack?
For a complimentary Cyber Vulnerability Assessment Contact Us
If you are interested in cyber insurance coverage for your business, please give us a call 844-2GET-INS | 844-243-8467 or Contact Us