Cyber Insurance: Reasons Why Every Small Business Needs Cyber Liability Insurance
Every business, especially small and medium-sized companies, should have cyber liability insurance—here are the reasons why.
In today’s market, no growing business can isolate itself from online communications and commerce. Yet avoiding the Internet entirely is the only way to guarantee your company will not be exposed to cyber threats. Once a business is online it will always be exposed to some residual risk it cannot feasibly address in a disaster recovery plan, business continuity plan, or through an information security technology solution.
As a business owner, a hack isn’t just your website going offline or your data files locked up for ransom slowing down productivity. Based on industry regulation and data privacy laws, you could be liable for fines, and until you remediate any vulnerabilities found, you may not be able to re-open for business to serve customers and generate revenue. This is where a quality cyber liability and business interruption insurance policy comes into play. With a policy payroll goes through, bills can get paid, and your life can continue as “normal” as it can during the crisis that is a major cyber incident.
Read the full article by Bret Piatt, Jungle Disk CEO, in CSO Online to learn more about the financial impact of a cyber incident, what gaps cyber liability insurance fills and the three key cyber risks to be aware of.