Have you ever stopped to think that your small business will be hacked? Cyber insurance is an important piece in a cyber security plan.
Any business runs the risk of getting hacked, from email phishing attempts to network vulnerabilities. It’s very likely that you will get hacked, whether you have preventative measures in place or not.
Experiencing a data breach without proper cyber insurance in place puts your small business in danger. You may lose customers, go out of business, or face a multitude of lawsuits. You may even try to pay the hackers to release your data (which they likely won’t fulfill).
This frightening reality of conducting business in the digital realm can be discouraging. However, this shouldn’t prevent you from doing business.
You can take many preventative measures, some of which we will expand upon in further articles. One of the most significant ways you can prevent data breaches and handle them when they do occur is with cyber insurance.
According to an article by Jess Coburn with SmallBizDaily, “In today’s environment, purchasing insurance and implementing security plans are simply among the costs of doing business.” Many small businesses still think that cybersecurity measurements are simply expenses to tackle later on once they’re sizable. However, this approach is naive of the countless threats and attacks to even small businesses.
Coburn goes on to reveal that purchasing cyber insurance is “no differen[t] than purchasing flood, homeowners, and life insurance. You’re basically managing risk and based on current trends, it’s likely you’ll be whacked by a hacker who will jeopardize your business, financial security, and lifestyle.”
The overall takeaway is that it’s best to be prepared with cyber insurance rather than waiting for a data breach to happen.
Experiencing a data breach without proper cyber insurance in place puts your small business in danger. You may lose customers, go out of business, or face a multitude of lawsuits. You may even try to pay the hackers to release your data (which they likely won’t fulfill).
This frightening reality of conducting business in the digital realm can be discouraging. However, this shouldn’t prevent you from doing business.
You can take many preventative measures, some of which we will expand upon in further articles. One of the most significant ways you can prevent data breaches and handle them when they do occur is with cyber insurance.
According to an article by Jess Coburn with SmallBizDaily, “In today’s environment, purchasing insurance and implementing security plans are simply among the costs of doing business.” Many small businesses still think that cybersecurity measurements are simply expenses to tackle later on once they’re sizable. However, this approach is naive of the countless threats and attacks to even small businesses.
Coburn goes on to reveal that purchasing cyber insurance is “no differen[t] than purchasing flood, homeowners, and life insurance. You’re basically managing risk and based on current trends, it’s likely you’ll be whacked by a hacker who will jeopardize your business, financial security, and lifestyle.”
The overall takeaway is that it’s best to be prepared with cyber insurance rather than waiting for a data breach to happen.