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Why Cyber Insurance is Essential to Your Small Business Risk Management Portfolio

By April 6, 2023May 2nd, 2023No Comments

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.

Click here to read more about Cyber Insurance.