The digital age has brought countless opportunities for small businesses to grow and generate revenue. Yet it also comes with dangerous risks that threaten to drain their profits or even put them out of business.
Cyber insurance for small business, or cyber liability insurance, protects companies from the costs associated with the never-ending cyberattacks businesses face today. Using computers and mobile devices, criminals can disrupt your business with:
- Stolen customer data
- Data breaches
- Fraud
- Phishing attacks
- Ransomware
Dealing with a cyberattack involves costly responses that can impact your bottom line and your business’s reputation. Finding and fixing the breach, notifying customers, and providing credit monitoring for your affected customers all must be paid by the business owner. It also comes with additional costs such as hiring lawyers or a public relations firm.
Cyber insurance protects you from all that by covering the expenses associated with cyberattacks, making it easier for your small business to bounce back after a potentially devastating event.
The Ongoing Threat of Cyberattacks
Small businesses are in greater danger of cyberattacks because they often lack the digital defense systems that larger companies can afford to invest in. If your business has internet access and stores private customer electronic information, you could be at risk of a cyberattack.
Criminals use a variety of different identity-based attacks to gain access to your information. Many attacks target:
- Customer payment information such as debit or credit card numbers
- Personal identification data including names, addresses, and social security numbers
- Protected health details like patient records, prescription information, and private health information
In addition to identity-based crime, cyberattacks can negatively impact small businesses in many other ways. Some of the most common tactics involve:
- Malware — malicious software intent on doing harm to your computer or files
- Ransomware — a type of malware where attackers demand payments for you to regain control of your systems
- Denial-of-service (DoS) — criminals flood your system with too much traffic, crippling your business
- Phishing — attacks that use social engineering techniques to entice your staff or customers to share sensitive information
What Cyber Insurance Covers
Cyber insurance for small business covers the costs when you experience these cyberattacks. This coverage protects you from issues such as a data breach, business interruption, cyber extortion, or any liability associated with potential loss. You can always add other coverages, including crisis management, media liability, and fraud protection for electronic fund transfers.
Benefits of Cyber Insurance for Small Businesses
Investing in the right cyber insurance for small business coverage ensures that you, your employees, and your customers don’t become collateral damage in the event of a data breach or other cybercrime. The key benefits include:
- Financial protection of your assets from cyberattacks
- Managing crises effectively
- Maintaining customer trust and reputation
- Assurance of business continuity
- The peace of mind of knowing your business is protected
How to Choose the Right Cyber Insurance Policy
Knowing which policy will protect you from unwanted attacks can be challenging for those without experience. Some factors are different depending on your industry, the size of your business, and the level of sensitivity your data entails.
It’s important to work with a qualified insurance agent who can customize the perfect policy for you. Make your first call to Eber & Associates.
Eber & Associates: Your Partner in Cyber Risk Management
Contact the insurance experts at Eber & Associates to find out how cyber insurance can protect your company against cyber risks. Whether your business is large or small, our team’s top priority is finding the right policy for the right price to cover all your company’s needs. Our highly experienced agents can leverage our large network of insurance providers to make sure you’re thoroughly protected.
Based in Pittsburgh, Eber & Associates is a commercial and personal insurance brokerage committed to serving our clients for life. We offer business insurance plans designed to meet your company’s needs, ensuring that you are covered through life, for life.
Get a free quote from Eber & Associates today and learn how the right insurance can protect your business and your bottom line.
