FRIDAY, DECEMBER 29, 2023
While cyber threats are on the rise, it’s shocking to learn that less than three percent of small businesses are protected by cyber liability insurance. It’s not uncommon to hear about hacking and cybercrime on the news, so why are small businesses going unprotected? The top three reasons are as follows.
- Many people think that hackers only target large corporations. However, many hackers prefer to target smaller businesses because they generally have less digital security.
- Cyber liability insurance is a relatively new type of policy and some small business owners may not be aware of how it can benefit them in the event of a data breach.
- Because the coverage is so new, some insurance providers do not carry it, while others are revising policies as data security evolves.
If you’re a small business owner and you’ve come this far, you’re already on the right track. You now know that cyber liability insurance exists, but what exactly does it do? Why should you invest in this coverage? Here are three ways that this coverage can help offset the cost of cybercrime.
- After a data breach, it’s often necessary to find the source of the problem and then beef up your digital security. Paying for IT professionals to install upgrades can be costly, but cyber liability insurance can help fund these expenses.
- If your business stores customer data and that data is stolen, state law may require that you notify people who may have been affected by the breach. The process of notification can be surprisingly costly without the help of cyber liability insurance.
- Customers may lose trust in your business after a data breach, but you can help restore that trust by offering credit-monitoring services to reduce the chances of stolen identities. Cyber liability insurance can help pay for these services.
Time to protect your business against cyber threats? Our agency will help you get the coverage you need.
Protect your financial assets. Call Vogel Insurance Group at one of our locations for more information on business insurance.
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