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Why you need Cyber Liability Coverage

By August 11, 2015June 8th, 2020Insurance

Did you know that 85% of all data breaches occur at small businesses? And that of those victimized businesses, 60% close their doors within 6 months? Cyber crime is truly a terrifying consequence of our time that disproportionately affects businesses with less than $10 million dollars in assets. What few business owners realize is that the federal government and nearly every state has instituted legislation guarding personal information; businesses that suffer a cyber attack are required to comply with these laws and to bear the cost of doing so. This reality is especially disturbing when in 2014, nearly 285 million people had their personal information breached and $40 billion was lost by U.S. companies in consequence of unauthorized computer use.Error4

It is important that business owners act prudently in the defense of their information, refusing to do so could result irreversible damage to clients, employees and the business itself. A Cyber Liability policy is recommended and may be an option on your existing business insurance. For more information or a quote contact our office.

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