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Are you Addressing your Business’s Cyber Risk?

The ransomware news keeps getting worse. Have you seen the latest headlines? The hackers targeted a firm that handles back office work for companies too small to do it themselves! Between 800 and 1,500 businesses–like dentist’s offices and accountants–were held up by the $70 million ransom demand, the biggest yet. What are businesses supposed to do?

Ask a business owner if they are insured against fire and theft and the answer is, “of course”. But ask them if they have adequate insurance coverage against a cyber intrusion – like a hack, or a ransomware attack, and the answer is usually “no,” or “I don’t know”. So why don’t more businesses prioritize this type of coverage?

The answer may lie in an outdated notion that cyber attacks only happen to large businesses. But like the huge attack this weekend shows–this is simply not true!

In fact, according to research conducted by the National Cyber Security Alliance, almost 50% of small businesses have experienced a cyber attack, and that more than 70% of attacks target small businesses. And these attacks can be absolutely crippling. The study found that as high as 60% of hacked small and medium-sized businesses go out of business after six months.

We can help you navigate the world of cyber insurance to avoid facing such a fatal blow.

In addition to the various types of coverage that are offered, it’s essential to pick an insurance company that has a “rapid response crisis team” to swing into action to minimize the impact and recover funds that have been lost or paid. Don’t fail to assess and address this emerging peril to assure that your business will be able to survive a cyber attack. Reach out to us now to learn more.