Alarming but true, the majority of small businesses (60 percent) end up having to close their doors within six months of experiencing a cyber attack. The damage that can occur from a cyber attack can be absolutely devastating. And, considering that 43 percent of small businesses have been a target of a cyber attack, no one is exempt from this risk.
In recent years, the following 9 industries have been some of the biggest targets of cyber attacks:
- Professional Services
- Health Care
Unfortunately, small businesses are often the victims of cyber attacks as they don't always have the security budgets to thwart these threats. Hackers realize that small businesses tend to be more vulnerable in regards to security and take advantage of this.
One thing is for sure, cyber theft is not going anywhere. We can actually expect to see more attacks in 2017 than ever before. If this leaves you feeling uneasy, we do have a solution to give you some peace of mind.
As the risk of cyber theft increases, more businesses are choosing to take advantage of cyber liability insurance. Consider the amount of confidential costumer data that today's businesses possess. The average cost to a small business for each compromised customer record is $217. Now imagine the impact that 200 (or even 2,000) compromised customer records could have on your bottom line. The results could put you out of business.
With cyber liability insurance, however, you can have a sophisticated and affordable solution that can significantly minimize the financial burden of a cyber attack and help you to keep your reputation intact.
It's also important to realize that malicious hackers aren't the only cause of a data breach. In fact, more than half of data breaches are related to system glitches and human error. Some examples of this include an employee that sends a batch of confidential information to the wrong email address or an employee that loses a mobile device that contains sensitive customer information.
While cyber liability insurance can't stop data breaches and malicious attacks from happening, it can help you to be prepared for when the inevitable does occur.
Please contact us at Summerlin-Roberts to learn more about our cyber liability insurance solutions and how we can customize them to meet your company's individual needs.