Does My Small Business Need Cyber Insurance?

There are stories about data breaches in the news almost every day. Cyber criminals steal sensitive data, costing businesses millions of dollars in fines, legal settlements, and internal costs. Many people think only large companies are targeted, but this simply isn’t true. No business is too small to be affected. Thankfully, cyber security insurance is available to protect your company in the event of a cyber attack.

How Does Cyber Insurance Help?

Cyber security insurance covers a broad range of claims. These include:

  • Professional services that deal with extortion threats
  • State-mandated notification to customers whose data may have been compromised
  • Retainment of a public relations firm to mitigate damage to your reputation
  • Business losses due to a downed network or interruption in service

How Can I Determine if Cyber Insurance Is Right for Me?

Ask yourself the following questions:

  • Does my business keep a database that stores personal information about clients?
  • Does my business conduct online sales?
  • Does my business digitally store employee data such as social security numbers or other bank account information?
  • Does my business rely on technology for every day operation?

If you’ve answered “yes” to any of these questions, consider a cyber security insurance plan. Just one breach can do serious harm to your business’ bottom line.