Recent statistics on cyber attacks and data breaches are looking dire, especially as more information is stored in the cloud and businesses move increasingly online. Because of this, many small business owners are looking into the option of cyber insurance. But does your company need it? Computek specializes in consulting on IT needs, and we can help you determine whether or not you would benefit from cyber insurance in today’s landscape. Before we dive in and schedule your first appointment, here are some things to know about cyber insurance and why your business might benefit from it.
You May Be More At Risk Than You Think
A lot of small businesses don’t know how much of their data is at risk, often because much of it is hidden or “invisible”. Your company likely has a lot more sensitive files, customer information, or employee details than you realize. If you don’t believe you’re at risk of cyberattacks because you don’t keep a lot of data in the cloud, or your business is very small, you may need to re-consider things like file footprints and invisible data. If you can’t see information, you can’t easily protect it.
Brand Reputation & Bouncing Back
Business owners don’t often think of how they would bounce back after a major data breach or cyber-attack. If you assume you’d be able to quickly get back on your feet and repair your reputation, you may be mistaken. Bigger companies can bounce back after a catastrophe far easier than smaller businesses— they have the monetary resources and the brand loyalty to help them. But many small business owners can’t afford a major cyber attack, experiencing major monetary loss as well as your customers and appearance of professionalism. Investing in cyber insurance is a must for many businesses that aren’t prepared for the consequences of a breach.
Just One Aspect of Security
On the other hand, don’t think of cyber insurance as an all-inclusive, easy solution to all issues of cybersecurity. Insurance should just be one piece of the puzzle, not your entire strategy. Computek can help advise your small business on how to best implement your plan for staying safe from cyber attacks, whether that includes insurance and/or other approaches to security. Every business has its own unique digital needs. Cyber insurance isn’t the only way to protect yours, but it can be a solid security blanket to use when the unexpected happens.
A recent Cisco report found that over 40% of cyber attacks specifically target small businesses and that those small businesses spend an average of $955,000 trying to bounce back and restore normalcy.
It’s better to get ahead of these potential issues and consult with a professional company like Computek, who can consult you on whether you need cyber insurance and plan a personalized cybersecurity strategy. Rather than risk a breach of sensitive data or a loss of your brand’s reputation and customer base, invest in your company’s security as soon as possible.