Cyber Insurance Can Help Keep Your Doors Open
If you are invested in a small to midsize business in any way, then chances are you are concerned about the rising volume and frequency of cyber attacks. Cyber crime is a huge economy. In fact, it ranks number three in world economies, just after the US and China. Unfortunately, the pandemic opened up a whole new world of “insecurities” for cyber criminals to exploit as 70% of the American workforce began working from less secure home networks.
Ransomware is the most common method of cyber attack, and the cost to businesses is growing every day. In 2015, the cost of damages due to ransomware was 24 million dollars. That’s bad enough, but as of 2020, the cost is infinitely worse at 170 billion dollars. The astronomical rise in just 5 years is staggering, and SMBS do not have the protection they need to combat or to recover from such attacks.
Cyber insurance is one of the newest ways that SMBS can give themselves a little bit of cushion if and when their security measures fail them. Cyber insurance can help recover losses, including cost or reputation. It can also help with liabilities and lawsuits, and cyber insurance often pays up to $1 million in damages.
Your business may not be 100% safe against an attack, but it doesn’t mean you have to close your doors should the unthinkable happen to you.