Does the thought of the financial ruin of hackers exposing your data keep you up at night? Find out if cyber liability insurance is a good option for your business?
How safe is your company’s data? The truth is it’s probably not as secure as you think. Social engineering-based data breaches and ransomware attacks are on the rise.
Don’t fall into the same trap as the majority of independent business owners who believe that their companies are just too tiny to interest hackers. Hackers love small businesses to think that way. It makes their job a lot easy.
In reality, 90 percent of data breaches affect smaller businesses and can cost an average of just under $47,000 to remedy. That is more money than many small businesses can’t afford to pay out-of-pocket. Even if you have a general business liability insurance policy, don’t expect to get reimbursed by your insurance company for a data breach. These policies don’t usually cover cyber crimes.
Therefore, a growing number of business owners are opting for separate cyber liability insurance. Is this type of insurance something you should think about getting for your company?
The decision to purchase cyber liability insurance will greatly depend on what kind of company you run and how much sensitive information you store online. By answering the following three questions, you can gain a clearer perspective if cyber liability insurance is right for you.
Whether you decide that cyber liability insurance is the right choice for your business or not, even the best insurance policy will never replace the need for high-quality cybersecurity protection. Business owners in the Ottawa area should contact the top-rated IT experts at Fuelled Networks. Whether you need cybersecurity, data recovery, or other managed IT services, Fuelled Networks is the third-party IT solution you need!