02 Oct Cyber Attacks: Your Business at Risk
By: Jeffrey Bernard, Full-Service Insurance Broker, Rampart Insurance
This article originally appeared on https://jeffreybernard.com/cyber-attacks/
As a business owner or CEO, you and your company are wearing a bulls-eye on your back in the eyes of cybercriminals. In fact, your business may be an even more appealing target for cyberattacks than the large box stores.
According to Forbes, a data breach study conducted by Verizon in 2012 revealed that more than 71% of data breaches occur in companies with fewer than 100 employees.
I can’t change the fact that you have a bulls-eye on your back. For over a decade I’ve been working with clients to make sure that if the worst does happen, everything you’ve worked so hard to build will not be destroyed.
Having cybersecurity measures in place adds one layer of protection, but you also need insurance in place to ensure that cyberattacks won’t cripple your company. You likely have business insurance, and homeowners or renters insurance, but are you covered for the damage that a data breach could cause?
The good news is that protecting your business from the damage caused by a cyberattack is very easy and affordable, but many typical insurance policies won’t cover it. In fact, most traditional insurance agencies don’t even understand how to cover it.
You need someone that specializes in this type of coverage so that you can get the maximum protection for the lowest possible price, and in the easiest way possible.
STILL, DON’T THINK CYBER ATTACKS CAN HAPPEN TO YOU?
Imagine this scenario:
One of your employees goes on a business trip and as they hurry to pay their cab driver at the airport, they leave their laptop on the seat of the taxi. By the time they realize it’s gone, they are 10,000 feet in the air on their way back home.
Meanwhile back on the ground, that laptop is found by a random, opportunistic taxi passenger who easily logs in and had access to usernames, passwords, customer data, employee information and plenty of other sensitive data.
Will that story make the front page of the newspaper like a data breach at a big box retailer? No, probably not.
Yet, the damage to your company could be disastrous. Imagine the liability concerns when your customers find out that a thief now has access to their private information.
Are you covered for this? Most business owners I meet haven’t even thought about protecting themselves from this kind of event.
Whether the cyber attack happens in some dark room filled with sophisticated hackers trying to steal passwords or in the backseat of a taxicab, the impact on your company can be massive.
It’s not enough to just hope your insurance covers it.
You need a plan. You wouldn’t leave your home uninsured against fire, so don’t leave your business vulnerable to cyber attacks.
Get the cyber insurance coverage you need, and make sure you have an expert to call to give you the peace of mind of knowing it’s handled.
Opinions expressed in this article are solely the author’s opinion, not intended to provide the reader with legal or any other professional advice. Should you need advice or opinion, consult with a qualified professional to address your specific needs.