Small Businesses Most Vulnerable to Cyber Attacks

According to the 2015 Small Business & Cybersecurity survey, 81% of small business owners think that cyber security is a concern for their small businesses, while 94% either frequently or occasionally think about cyber security issues.

Surprisingly, only 42% of respondents had invested in cyber security protection in the past year, despite the fact that 31% of these businesses had experienced either a successful or attempted cyber attack.

It’s possible that small business owners might simply be spreading themselves too thin. About 83% of small business owners said that they handle cyber security themselves. But given the threat, it was surprising to discover that 95% of small business owners don’t have cyber insurance.

One more stat, 1 in 5 companies uses a cloud services provider. If cloud data is breached, the hiring company (aka your business) is still primarily responsible.

Cyber insurance can offer third-party (cyber liability) and first-party (cyber crime expense) insurance coverage. Most, if not all insurance carriers, have developed cyber security / data breach insurance programs tailored to small businesses.

If you’re interested in exploring the costs of a cyber liability / data breach insurance policy, please contact me to discuss. I have more than several carriers we can quote this coverage with.

-JK

Tags:

About Jim Kinmartin - Business Insurance & Risk Management Broker

Jim is a California licensed Property & Casualty AND Accident & Health insurance agent working at the ISU - Olson Duncan Insurance brokerage in Torrance, CA. He grew up in Fullerton, CA and graduated from Servite High School in Anaheim and Loyola Marymount University in Los Angeles and currently lives in Long Beach, CA. Have questions? Just ask! Or, follow Jim on Twitter at @JimKinmartin

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: