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Six Reasons Why Your Clients Need Cyber Insurance

Why should a mid-size business purchase insurance coverage? After all, some owners might say, they may not have many customers or generate big revenues like a large corporation.

  • They have more data than they realize. In fact, hackers and cyber thieves do attack small and mid-size businesses, often exclusively, because they are easier to infiltrate and most have more sensitive data than they might think.
  • Small businesses are easy targets. Smaller businesses are easier targets. They often don’t have the IT staff or resources to adequately protect their computer systems or provide security training for employees.
  • Cyber extortion and phony email schemes. Cyber extortion and email payment schemes can threaten a business of any size. There has been a spike in ransomware attacks that demand payment to unlock company systems.
  • They’re a back door into bigger companies. Cyber criminals hack mid-size businesses as a pathway into larger companies. The smaller business may be a contractor or supplier with access to the bigger entity’s computer system.
  • Cyber insurance is part of doing business. For that reason, many corporations and other organizations now insist that a mid-size business have cyber insurance coverage as part of a contract to provide goods or services.
  • 48 states now have data breach notification laws. Forty-eight states now require a business to notify individuals who are affected by a data breach. How many owners of small and mid-size businesses would know where to start?
This article has been re-posted from this trusted website.