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Can You Beat the Odds? Roll the Dice or Transfer the Risk.
67% of small and medium sized businesses (SMBs) experienced a cyber attack in 2018. (See the Ponemon Institute report) If you have not experienced an attack since 2018, you have been beating the odds. It’s risky to run a business hoping to beat the odds year over year, especially when 6 out of 10 SMBs also report the attacks they’re seeing are becoming more targeted, damaging, and sophisticated.
Most of those SMBs that got hacked had to close their doors within 6 months of the attack. They did not have the stash of cash to survive the attack. The costs of the customer notifications, identity protection, forensics, breach coaching, and damage to their reputation were much higher than anticipated. They thought they were “under the radar” with respect to cyber hackers. SMBs are no longer under the radar.
Don’t take the risk, transfer the risks. Transfer the risk to the insurance companies. If you lived in a flood zone, you would get flood insurance. So if your business is in the “cyber zone,” you should get cyber insurance. Not every company needs cyber insurance. Those that do NOT use email, the internet, handle Protected Health Information (PHI), Personally Identifiable Information (PII), or Payment Card Industry (PCI) possibly don’t need it. Everyone else should seriously consider it.
What does our cyber insurance cover?
- Social Engineering
- Breach Coaching
- Computer Extortion
- Privacy Regulation
- Crisis Management
- PCI-DSS Claim
- Public Relations