Insureon Blog

Cyber Liability Insurance: Giving the Same Benefits to Small Businesses as It Does Target

19. February 2014 08:09

Shopping carts lined up outside a box store

Target took out a full-page ad in major newspapers last month that apologized to the 110 million customers that were affected by its 2013 holiday season data breach. “Our top priority is taking care of you and helping you feel confident about shopping at Target,” the ad reportedly states, “and it is our responsibility to protect your information when you shop with us.”

If you’ve ever shopped at Target, it’s likely that you’ve already received an email directing you toward a page to sign up for free credit monitoring services, courtesy of the retail giant. 

A splashy newspaper ad campaign? The ability to offer a bit of Experian-backed security to customers after a devastating data leak? Must be nice to be the big guy with all those millions of dollars to spend on damage control.

Luckily, that same kind of “damage control” operation is available to independent retailers, too – via their Cyber Liability Insurance. (For more about what Cyber Liability Insurance does for small-business owners, check out the blog post “Top Cyber Liability Risks for Real Estate Agents.”)

Cyber Liability Risk Affects Everyone, But Especially Small Businesses

As a small business owner, it’s easy to think that you’re no “Target” when it comes to cyber liability risk and data breaches. But the fact is, cyber criminals love to target small businesses.

According to Verizon’s Data Breach Investigations Report, 570 of the 855 data breaches in 2012 happened to businesses with between 11 and 100 employees, and 42 happened to businesses with between one and 10 employees. That means nearly 72 percent of data breaches targeted businesses like yours!

Small business insurance providers know this, and that’s why they’ve developed Cyber Liability Insurance (sometimes called Cyber Risk Insurance) policies specifically tailored to stores like yours. These policies offer you all the post-data-breach recover benefits that the big boxes get – and with a surprisingly affordable price tag. These recovery benefits might include:

You don’t need to be as big as Target to be the target of a data breach. For more information on this topic, check out our blog posts “4 Reasons Your Business Should Have Cyber Liability Insurance” and “Can Your Small Business Survive a Cyber Attack?

how is your business exposed

Tags:

Data Breach | Retail | Small Business Risk Management | Tips for All Small Businesses

Permalink | Comments (0)