Does Your Business Need Cyber Insurance?

Technology has changed the way businesses operate. From customer records and online payments to email communication and cloud-based systems, nearly every business relies on digital tools.

But with convenience comes risk.

Cyber attacks are no longer only a concern for large corporations. Small and mid-sized businesses are also targets — and the financial impact of a cyber incident can be significant.

What does cyber insurance cover?

Cyber insurance is designed to help protect your business from losses related to cyber events, including:

• Data breaches
• Hacking incidents
• Ransomware attacks
• Loss of sensitive customer information
• Cyber extortion
• Business interruption caused by a cyber event
• Costs associated with recovering after an attack

Why are small businesses targeted?

Many small businesses assume they are too small to be attacked, but cyber criminals often look for opportunities where security systems may be less robust.

A single compromised password or phishing email can create a serious problem.

Cyber insurance is not a replacement for cybersecurity.

Insurance is one layer of protection, but businesses should also take proactive steps to reduce risk:

• Train employees to recognize phishing attempts
• Use strong passwords and multi-factor authentication
• Keep software and systems updated
• Back up important data regularly

Is your business protected?

The best time to think about cyber protection is before an incident happens. Reviewing your current insurance coverage can help determine whether cyber insurance is right for your business.

Contact our office today to discuss your risks and explore coverage options designed for your business.