Cybersecurity continues to remain top of mind with business owners as breaches continue and cyber criminals become more proficient in their techniques for hacking into sensitive information. Couple that with increasing regulations, like GDPR, which put the onus on companies to protect consumer information, and businesses of all sizes are paying closer attention. In 2018, 30% of commercial insurance shoppers added a cyber insurance policy compared with just 12% in 2017.
According to a recent Cyber Trends report issued by CyberPolicy, contractual requirements from large corporations to third-party vendors and compliance requirements such as HIPAA, PCI and DCI are leading SMBs to shop for $1 million to $5 million coverage limits to satisfy these obligations. And for SMBs looking to do business with large corporations, many will find that vendor contracts now require cybersecurity planning and insurance, further protecting themselves in the event that partner data is compromised.
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