The Internet is home to 4.38 billion users worldwide. With that comes 6 million records that are lost or stolen daily. As a result, an estimated $ 20 billion in ransomware damage will accumulate by 2021. If you are a small business owner, it's good to be aware of your own cybersecurity risks. And an important way to help your business plan for and respond to a cyber attack is to add cyber liability insurance.
Cyber security risks for companies include:
- Accidental release or theft of private information, both paper and electronic, including:
– Customer contact information such as telephone numbers, postal addresses and e-mail addresses
– Vendor Information such as Federal ID numbers, Dun & Bradstreet numbers and credits
- Computer, account or machine hacks of a dissatisfied employee or cybercriminal
- Ransomware attacks, including cyberbullying and extortion
- Data breaches through lost or stolen electronics such as flash drives, iPads, smartphones, laptops, etc.
Because the number of companies relying on the Internet for their business has increased custom, opportunities for cyber blackmailers have exploded. A report by Accenture found that 43% of cyberattacks target small businesses, and only 14% have the resources in place to defend the business. So ask yourself: Without cyber liability insurance, would your business be ready?
What can cyber insurance do?
As for your building and its contents, commercial insurance has covered you. But when it comes to cybersecurity specifically, you can take advantage of coverage that helps your business respond to an attack.
At Frankenmuth Insurance, we package cyber liability insurance and data intrusion insurance to help your business face cyberbullying with confidence.
In the event of a cyberattack or intrusion, cyber insurance provides coverage for:
- Lost revenue if your data is damaged or destroyed
- Costs of notifying people of an intrusion
- Defense against allegations of privacy breaches] PR [196590000Costsintheeventofanegativemediareport
- Fines from a bank or card association
- Loss of money or securities
This protection also gives you access to a team of cyber security specialists and free resources available online, around the clock.
Explore more ways to reduce cyber risk.
Additional ways to prepare your company for a cyber attack include:
- Encourage employees to change their passwords regularly (but first read the 6 tips for creating a secure password)
- Ask employees to avoid sharing their login information with someone – even colleagues
- Teach employees to detect a scam
- Perform routine software updates
- Review user accounts and delete those that are no longer necessary
- Remove unnecessary information from your servers
- Putting in policies so that employees know the rules to be followed
For more tips from our cybersecurity experts, read ten steps to protect your business from data breaches.
Ready to learn more about our Cyber and Information Protection Plus package? Start a conversation with an independent agent.