Insureon Blog

Cyber Insurance: Why It Matters, Where You’re Exposed

11. July 2014 08:31

Businessman hanging up the phone in distress

The number of businesses purchasing Cyber Liability Insurance is on the rise. According to Entrepreneur, Cyber Insurance customers used to be concentrated in a few fields: tech, financial, and healthcare. It makes sense – those industries have obvious data security risks. But now businesses large and small are jumping on the Cyber Insurance wagon. Why? Because data thieves don’t discriminate.

Why Small Businesses Are Buying Cyber Liability Insurance

According to the Entrepreneur article, there are two types of customers driving Cyber Liability Insurance sales: current customers who are adding more coverage and new customers, including small businesses. Several factors spur business owners to purchase coverage:

Why Are Small Businesses Targets of Cyber Crime?

While it’s true that small businesses are helping fuel Cyber Liability premium sales, one fact remains: most small businesses aren’t familiar with data security threats and take very few steps to protect the sensitive information stored on their networks.

A recent LA Times article outlines how and why small businesses are targets of cyber crime:

What Can Small Businesses Do to Mitigate Cyber Risk?

Now that you know your small business could be the target of a cyber attack, there are a few things you can do. First, get to know the basics of cyber security. Check out the FCC’s tips for more information.

But because you can’t prevent every data breach, you can also jump on the bandwagon and purchase a Cyber Liability Insurance policy. This coverage protects you from the most common expenses that occur after a data breach, including…

The good news? Cyber Liability Insurance premium prices are declining because so many businesses are adding the coverage to their business protection plans. Fill out our online insurance application to find out how much you can save on Cyber Liability Insurance.

know your business risks

Tags:

Data Breach | Risk Management | Small Business | Small Business Risk Management | Cyber Risk Insurance

Permalink | Comments (0)