It might feel like cybersecurity risk is only for the big companies; after all, they’re the ones making headlines. But according to the Cybersecurity and Infrastructure Security Agency (CISA), there’s a ransomware attack every 11 seconds — and 43% of cyberattacks target small businesses.
Commercial auto, property and liability insurance are the staples of every business risk portfolio — most owners wouldn’t consider doing business without them. A hack can be just as devastating as a fire. Yet only 17% of small business owners reported having cyber liability insurance (according to a November 2021 study by Advisorsmith).
The expense to restore corrupted computer files, replenish lost income due to business interruption, and pay ransom demands is enough to throw profits into a downward spiral. Add in the cost of notifying clients about the breach, credit monitoring, inevitable lawsuits, federal and state fines, and a tarnished public reputation — and you’ve got a recipe for bankruptcy.
Reboot your risk management portfolio and discover how cyber insurance can help protect business income and help you recover after a cyberattack.
