Because the Internet has completely changed the way in which many do business and perform daily operations, companies are now beginning to realize the dangers inherent in storing sensitive information on their computers. But, shockingly enough, only a small number of small businesses have invested in cyber liability insurance to combat the potentially devastating effects of having their systems hacked and becoming a victim of a cyber attack.
Actually, many small business owners are still unaware of the high risk of data breaches at their facilities, clinging to the belief that hackers aren’t all that concerned with their data, and are much more likely to attack only high-profile firms. This couldn’t be further from the truth. At Walker Insurance, we understand that while there may be significantly fewer attacks among small businesses, such breaches do still occur.
Personal information is valuable to thieves
Confidential information has a high value on the black market, so regardless of a company’s size, business owners must take further action to secure their customers’ valuable data against the possibility of a cyber breach. In addition, investing in cyber liability insurance protects your assets should such an event occur, since the costs of dealing with an attack of this nature could be extremely high, even in a small to mid-sized business.
When criminals do get access to company databases, they unfortunately become privy to a vast array of information, including customers’ social security numbers, credit card numbers, addresses and other identifying data, all of which can be sold to other thieves and criminal elements.
The business itself could suffer if they’re also able to gain access to sensitive business data, which can be used to open and access accounts, drain money from the enterprise and possibly destroy the affected individuals’ credit. The offshoot is that recovering from a business data breach can end up costing companies thousands of dollars in fines along with serious damage to their reputation.
At Walker Insurance, we realize that, regardless of the size of your company, the industry you serve, or the number of customers your company has, that investing in cyber liability insurance is crucial whenever you store sensitive data online.