November 12, 2012
New Way to Purchase Protection from Damages Associated with Data Breaches
CHICAGO - November 12, 2012 - When they hit a large corporation, cyber attacks make headlines. But an increasing number of small business owners are realizing that their companies are also susceptible to cyber attacks, sometimes with devastating results. Insureon, the leading online agent for small business insurance, today announced a new suite of cyber liability coverage available online and catered specifically to give small business owners peace of mind that their business could survive a cyber attack or data breach.
"No business is immune from cyber threats, and numbers are staggering when it comes to their impact on small businesses," said Ted Devine, chief executive officer of insureon. According to the National Cyber Security Alliance (NCSA), the average cost of cyber attack for small businesses in 2010 was $188,242. He added, "Whether it's a restaurant that processes credit cards or a dental office that stores patient records, our customers are becoming more aware that any type of data breach can put their operation at serious risk."
Symantec reports that a full 60 percent of small businesses shut their doors within six months of an attack. Harm and damages from cyber attacks - an estimated 40 percent of which are targeted at small businesses - include direct costs from investigating what happened, notifying those affected, credit monitoring, litigation and government fines, as well as indirect costs from lost business and damage to the company's reputation.
Insureon's offerings help business owners protect themselves and keep their organizations running in the event of an attack. Devine continued, "With cyber liability protection, small business owners can focus on serving their customers and clients, growing the business and protecting their most important asset. Put simply, cyber liability insurance provides certainty in normal times, while helping owners keep their doors open in the event of an attack. We make it easy to purchase this coverage online."
Small businesses are most susceptible to cyber attacks if they do not have a firewall or up-to-date antivirus software. However, having such precautions does not put business owners in the clear. Businesses are still vulnerable from compromised web pages, phishing emails and unsecured mobile devices, all of which can penetrate defenses and perpetrate harm.
Since there is no way to ensure that a small business will not be victimized by a cyber attack, insureon's cyber liability offering protects small businesses against the largest threats they face, including the disclosure of confidential data, loss of data or digital assets and the introduction of malicious code or viruses.
Disclosure of confidential data
The National Cyber Security Alliance (NCSA) reported last year that two-thirds of small businesses have customer data living on their networks, while nearly half have financial reports and records and 18 percent have their clients' intellectual property.
Loss of data
Information management can be one of the most challenging aspects of running a small business. Small business owners need to not only protect data from being read or stolen, but also from being corrupted, which could lead to an interruption in business while the data is reassembled.
Introduction of malicious code or viruses
Viruses and other malicious code can potentially clog entire networks, using a small business' system to populate itself throughout the Internet. Viruses can also overwrite files and destroy key information on a computer or network's hard drive. In addition to taking time to rebuild, owners can be held responsible for attacks launched from their system.
For more information on insureon's cyber liability insurance offerings, please visit www.insureon.com/products/cyber-liability/
Insureon, the leading online business insurance agency for small business, specializes in serving the fast-growing micro-business sector, which includes the self-employed and companies with 10 or fewer employees. Insureon allows small businesses to apply online for insurance and receive multiple quotes from leading insurance carriers - completing in minutes a process that otherwise would take a week or longer. For more information, please visit Insureon sites TechInsurance and Business Insurance Now.