When Should a Small Business Get Cyber Liability Insurance?
Turn on the television and you’re bound to hear of a new data and security breach for some of the largest companies in the world. Millions are put at risk when their information is exposed, leading to customers being vulnerable to fraud and other crimes.
Not only that, but the damage to a business’ brand can be irreparable. Most business owners don’t even know that their standard insurance coverage typically doesn’t provide proper coverage for cyber and privacy liability.
Chances are you won’t have a breach the size of Equifax or Yahoo anytime soon, but now more than ever businesses of all sizes are being compromised. You simply only hear about the big ones in the news.
Does my small business need cyber liability insurance?
The short answer is maybe. If your business collects data from online sales like payment or shipping information, relies on technology in its daily operations or stores employee data such as birthdays and social security numbers, you definitely need to be thinking about cyber liability insurance. We recommend coverage to businesses of every size based on the type of data it collects and stores.
A good rule of thumb to remember is that hackers and criminals don’t discriminate – they just want the data.
The best defense is a good offense
We never want a client to be a victim of a data or security breach. That’s why we prioritize working with our clients to implement preventative programs and policies that can decrease their risk. Data security isn’t simple and requires you to build a multi-faceted plan. If we can implement a plan to reduce the probability of an attack, we can save time, money and a lot of headaches in the long run.
How can I get started?
Believe it or not, but this is still a relatively new landscape for insurers. I have been working for several years in this specialty and help small businesses make the right choice for their level of coverage. Curious if your business should be covered? Send me an email at email@example.com and we can chat.