The Federal Communications Commission (FCC) highly recommends that small business owners invest in a cybersecurity insurance plan. As the cyber hacker tool set grows, your business becomes more vulnerable to attacks. It's only a matter of time before they find a weak spot in your seemingly secure network and take your company for everything it has.
Looking to get a cyber insurance package? CyberPolicy can help you compare cyber liability insurance quotes and get you signed on for a plan so fast that cybercriminals won't stand a chance.
Your Small Business IS at Risk
Not commonly known, small businesses face just as much threat of a cyber attack as large corporations, if not more so. Unlike giant companies, small businesses are easier to target because they do not have the cybersecurity they need to protect their business.
The ultimate goal of a cyber attack is to appropriate, manipulate and exploit private company data that holds such information as medical records, bank statements, credit card numbers, SSNs and other sensitive information about you, your employees and your customers. No one is safe in a cyber attack. And who do you think your customers will be angry with and sue if their personal information is stolen and/or released: the faceless cybercriminal, or you?
If it's believed that you did nothing to prevent the cyber attack, angry customers are going to come after you with sharpened pitchforks. It doesn't have to end this way. If you invest in a cybersecurity insurance policy, you can patch up your networking holes, reimburse your clients AND pay for your legal fees without losing more of your own finances. Best of all, your cybersecurity team will perform routine networking checks eliminating all foreign guests camped out in your network.
Cybersecurity: Fortifying Your Online Business
According to CNN Money, the most expensive hack hitting small businesses is the DDoS attack. A DDoS attack, or Distributed Denial of Service, is a cyber attack that makes an online service (think of an Etsy shop or eBay stall) unavailable by infiltrating the webpage with traffic from a vast number of sources. This means consumers cannot browse the site or make purchases. It also means your business has lost access to the contents of the page as well as its inner workings. You cannot delete, jumpstart or reconfigure the page without outside help, such as from a cybersecurity IT person.
Cybersecurity insurance guarantees you that you will get your electronic business dealings back up and running in little time while simultaneously correcting broken links and corrupted data, all for a low monthly premium.
It has been forecast that by the year 2019, data security breaches (on a global scale) are going to cost businesses $2.1 trillion. The question shouldn't be, "can I have too much cyber insurance?" The question should be, "Do I have enough?"
Cybersecurity insurance covers your business when it's been hit with a data breach. Instead of thinking you can't afford the insurance, ask yourself if you can afford not to have it.
Visit CyberPolicy.com today to find out more about what cyber insurance can do for you.