In the event of a cyberattack, would your business be covered for the downtime, data loss and associated liability?
As cybercrime increases exponentially, it’s a question that business owners, particularly small business owners, should ask themselves.
While data breaches experienced by large companies such as Equifax, Target and Home Depot make headlines, 43 percent of cyberattacks target small businesses. More than 60 percent of small businesses don’t survive cyberattack fallout and close their doors within six months.
Outside of having a strong risk management plan and simple things like teaching employees not to open suspicious emails that could be infected with malware, business owners may consider purchasing a cybersecurity insurance policy that mitigates losses from data breaches, network damage and business interruption.
In August, the Silicon Valley analytics firm FICO, released a survey (conducted by the research firm Ovum) that found the number of American companies reporting they have no cybersecurity insurance dropped dramatically, from 50 percent in 2017 to 24 percent…
