Data breaches are increasing every year. IN 2013 only 33-percent of executives reported a breach while 43-percent reported a breach in 2014. As an entrepreneur, your business is just as at risk as bigger corporations, possibly more so. Traditional insurance doesn’t cover damages due to cyberattacks. What is a budding business person to do? Cyber insurance is the answer.
Doing business online without cyber liability insurance is like driving over the speed limit in traffic without auto insurance. Attacks are too prevalent to take the risk. It has been proven many times that cyber security is not keeping pace with hackers’ ability to steal electronic data. Insurance companies are aware of this. Therefore, premiums are high, but the consequences of going unprotected are far more devastating. Startups and small businesses are easy prey because they usually have softer security than big business. Prioritize cyber liability insurance.
Three things will help to decide what type of cyber insurance is best for your business.
- Checklist – First, you need to know from which dangers you need protection. Make a checklist.
- Research – Learn the ways you are vulnerable to hackers.
- Help – Ask insurance policy providers about risk management.
The start of a business is the perfect time to address cyber security issues. Install protective software and do research on business vulnerability to hackers. Protect your business further with the right insurance.