Cyber threats are a growing problem for today’s businesses. In fact, cyberattacks increased by 400% under COVID-19. Though cyberattacks are often associated with larger businesses, small businesses are nearly as likely to be targeted. In fact, 43% of cyberattacks focus directly on small businesses.
While taking the proper precautions like setting up firewalls, antivirus software, and secure passwords are a great start to protecting your business, you also need to prepare for the worst-case scenario. It’s not a question of “if” you will be attacked but “when”. According to a 2019 study, CEOs see cybersecurity as the biggest threat facing the world economy over the next decade.
If you’re not protected, you could find yourself going out of business. The average cost of a data breach is $3.86 million. This is why 60% of small businesses go under within six months after a cyberattack.
One simple, yet effective way you can keep your business prepared against the uncertainties of cyber threats is by purchasing cyber liability insurance.
What is Cyber Insurance and How Does It Work?
Cyber insurance isn’t radically different from any other type of business liability insurance. It simply focuses specifically on cyberattacks and data loss. Should you suffer a breach and/or your systems go down, your insurance kicks in to cover the damages and the cost of getting back up and running.
Cyber insurance can help pay for computer forensics, identity protection services, public relations support, data recovery, ransom payments, and more.
Though effective (and potentially lifesaving for your business), cyber insurance is a fairly new concept. Specific coverage and costs can vary from provider to provider. It’s critical that you make sure your policy covers the needs of your specific business. We can help with that.
At Link-Hellmuth, we’ve been helping Ohio businesses protect their company, their employees, and their customers for over a century. Our agents work directly with you to determine what your business insurance policy needs (and what it doesn’t). If you store any amount of sensitive company, financial, and/or client data online, it’s probably a good idea to have cyber insurance in place.
We work with all major insurance providers, shopping your needs around to ensure you get the best price possible.
For business insurance in Springfield, Ohio and the surrounding communities, contact Link-Hellmuth today!