As a business owner in the 21st century, cybersecurity should be a priority. Unfortunately, it’s easy to neglect.
You know the risks associated with cybercrime. Even with well-intentioned policies and procedures, you still have financial liability from a successful cyber attack. Luckily, cyber liability insurance gives you additional peace of mind as a business owner.
Cyber liability insurance is a type of insurance policy that is dedicated to cybercrime and comprehensive in its coverage.
But you may be asking, “Is my business large enough to even need cyber liability insurance?”
Every size of business needs cyber liability insurance.
What if I told you small businesses need cyber liability insurance the most?
You hear about data breaches on the news involving Fortune 500 companies, but what about small businesses? While you might not see these on the news, it’s more common than you think. In fact, 43% of cyber-attacks target small businesses.
While the financial gain might be smaller for the attacker, small businesses are more vulnerable. They normally don’t have the infrastructure needed for proper security, nor are employees being properly trained. It’s a recipe for disaster!
Your general liability insurance does not cover cybercrimes.
With this much at stake, you might be surprised to learn your general liability insurance does not cover cybercrimes.
General liability policies cover things like bodily injury or property damage from accidents involving your business. Professional Liability (or Errors & Omissions Insurance) protects you and your employees from damages arising from negligent actions. This type of insurance also doesn’t cover cyber liability.
Your next steps.
Where do you start? First, listen to this podcast. In this episode of the Defining Stewardship Podcast, Jeremy interviews cybersecurity expert, Alex Ryals. Alex will give you practical tips to keep you and your business protected.
Second, schedule a time to talk with me about cyber liability insurance. A quick phone call will start the process to make sure you are protected against the financial loss of a successful cyber-attack.