Cyberattacks are on the rise for small businesses. According to recent reporting, over the past year, 47% of small businesses experienced a cyber-attack over the past year alone. Of those, 44% were hit more than once.
If you are a small business, you must be just as concerned about your online security as you are your physical and financial security. If you don’t, you will not only potentially lose the trust of customers, but you could also end up spending as much as $200,000 to recover.
One way you can protect yourself is to invest in the right commercial insurance. Small business insurance options often include cyber liability insurance.
This option covers costs associated with a breach involved intangible assets, such as customer data. It will also cover the cost of legal fees, technical investigations, loss of revenue and damage to electronic damage should your business be the business of a cyberattack.
In addition, when you have this insurance, you may also receive help with notifying clients of the attack and hiring a public relations firm to help you manage communication-related to the problem. This policy may even help with you the cost of legal fees and regulatory penalties.
Cyber liability is not the only insurance option that could be key in the event of an online attack. You should also consider business interruption insurance. This type of small business insurance will cover the income you lose should you need to close your business to help manage the ramifications of a cyberattack.
If you are a small business owner, having the proper cyberattack coverage could make the difference between staying in business and going bankrupt.
Are you interested in cyberattack coverage for your Bay Area, CA small business?
The team at Wai Cheng Insurance Inc. in Bay Area, CA can help build the perfect plan to protect your dream.