Does your small business need cyber insurance?

The statistics are alarming. The number of small businesses affected by cybercrime is on the rise. This includes identity theft, hacking, and ransomware attacks. There have been well-documented cases in which hackers have demanded ransom in exchange for not releasing sensitive company data to the public or shutting down a business's website. What can you do about it? You could take your chances with no protection at all…or you could invest in something called "cyber insurance." Let's look into what this means for your small business!

Cyber attacks can happen to any company, small or large

Often when we think of cyber attacks, we think of large corporations being affected by data breaches, and we don't consider the possibility that our small business could experience an attack like this. Unfortunately 1 in 5 small businesses are victims of cyber crimes, and it's on the rise.

A cyber-attack could destroy your business and cost you everything

We work way too hard as small business owners to wake up one morning and have everything you have completely wiped clean. Imagine the feeling. Then imagine there is no way to get it back. Everything that you have worked for years on, is just gone. Trust me, it's not worth it.

The types of coverage available vary in price and scope

There are about 12 different types of cyber insurance that all vary in price and scope of coverage. You want to make sure you are covered for things like ransomware, extortion, and investigation expenses and not just data breaches. Take the time to research the policy that is best for you and that will actually protect your business.

Be prepared - cyber attacks are on the rise; they will continue to grow more frequent and sophisticated over time

We are just beginning to hear about these types of attacks, but it is only going to become more frequent over time. Stay ahead of the game and make sure you are protected.

It's a good idea to take the time and do your research on what types of coverage are available. Consider how much you're willing to spend for this type of insurance, as well as the scope - who is covered? You'll also want to make sure that whatever cyber attack you think you might be vulnerable to is included in your policy because it could destroy everything if not accounted for. Be prepared! Cyber attacks will continue to grow more frequent and sophisticated over time. These types of attacks are not limited by geographical boundaries - they can be launched from anywhere in the world against companies located inside or outside those borders.