Risk Of A Fire Low… Risk Of A Cyber Attack High
Believe it or not, a small to medium sized business has a greater chance of having a cyber-attack than it does of having a fire. We’re committed to providing insurance solutions that keep small to medium-sized businesses protected. That is why we combine various coverage options into one convenient package – for more benefits than a typical Business policy and better savings through competitive pricing.
According to Symantec, in 2017, the average annual cost of cyber attacks to small and medium-sized businesses was nearly $208,000. Many times a small business does not have the recourses to respond effectively, and about 30% of small businesses are forced to close as a result of a cyber attack. Almost every state now has laws regarding breach notification and identity theft insurance requirements once your business has had a cyber breach.
Cyber Facts For Small Businesses
According to a study by Staysafeonline.org, small businesses are a few steps behind in cyber risk and safety.
- Two thirds (67%) allow the use of USB devices in the workplace.
- 77% do not have a formal written Internet security policy for employees.
- Only 50% say that all of their machines are completely wiped of data before disposal.
Here Are Some Warning Signs Your Business Is At Risk
- Poor or weak passwords
- No formal computer use policy
- Lack of up to date computer security programs
- People leaving computers on at night
- No client information storage policy or protocols
Cyber Insurance Options
Most insurers have excluded cyber risks from more traditional insurance policies such as Commercial General Liability (CGL). Some may offer a small amount, but it generally will not be enough. There are many new products on the market that can provide the needed protection. Call our office for more information.