Cyber Insurance for Small and Medium-Sized Businesses
Small and medium-sized businesses are increasingly vulnerable to the risk of cyberattacks and data breaches, but many owners underestimate the threat. Business owners may not fully understand the growing risk of cybercrime or the important role that cyber insurance can play in mitigating the potentially costly impact of a cyberattack.
When cybercrime makes the news, the story tends to be about large businesses. This may be one reason why small and medium-sized businesses are less aware of and less prepared for cyberattacks. The reality is that these companies should be very concerned about cybersecurity. Small and medium-sized businesses are squarely in the crosshairs of cybercriminals, and owners need to get serious about protecting their systems and information. Recent industry studies and surveys indicate that the risk of a costly breach is very real.
• Average cost of a ransomware attack: $5 million
• Average time for organizations to identify data breaches: 191 days
• Top security threat identified by IT professionals: targeted phishing attacks
• Volume of malware delivered by email: 92%
The growing risk of data breach has spurred legislative action in California, which recently passed several amendments to the California Consumer Privacy Act (CCPA), and other states are expected to follow suit. One of the effects of these laws is to impose notification requirements on businesses that collect and store private customer information. It is vital that your insurance clients understand and comply with applicable privacy laws.
MiniCo Insurance Agency offers cyber insurance products for small and medium-sized businesses that address security and privacy liability, crisis-management costs, data recovery and loss of business income, regulatory defense and remediation costs, and cyber extortion. No supporting accounts are required, and premiums are competitive. For more information including a premium indication, contact Rob Novak at 800-528-1056, ext. 3535, or email@example.com.