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.