When was the last time you heard about a hacker breaking into a company’s secure network and stealing thousands of customers’ personal information? Chances are, you’ve probably heard of something like that happening in just the last few months. And, you’ll most likely hear about other cyber attacks in the future. The concern over cyber attacks has been growing for the past few years and is no longer something only large companies need to be concerned about. Medium and small businesses need to be aware of these threats as well since as many as two out of every three cyber attacks are aimed at companies with fewer than 100 employees. Hackers have expanded their sights beyond large corporations or government organizations. They now target any business that stores sensitive data in electronic form. They know smaller businesses have limited budgets to employ IT experts or to invest in top of the line network security, and so they see smaller businesses as easier targets. So what can a medium or small business do to protect itself against this growing cyber threat? There are several fairly simple and inexpensive steps a company can take to get started. We covered this in a previous blog, Cyber Risk Management. Those tips can help get you on your way. Another way a company can help protect itself, as well as its customers and employees, is to get Cyber Liability insurance. This insurance coverage should be considered by any business that stores large amounts of detailed customer or employee data such as social security numbers, birthdates, credit card numbers, medical records, and other personally identifiable information. Cyber Liability Insurance policies provide coverage for legal liability and defense costs related to a cyber attack or data breach. Many policies also provide coverage for database repair or recovery, credit monitoring and restoration programs, and other expenses needed to help a company recover. In today’s world, the same computer that you use to post funny pictures on Facebook from the company barbecue can also be the gateway for a devious hacker to access your company’s sensitive data. That’s the reality of it. But the good news is that there are plenty of ways to protect your company, your employees, your customers, and your peace of mind.
