A report was released earlier in 2017 that said of businesses that are breached due to cyber attacks, more than three-quarters employ under 100 people. Once a customer’s record is compromised, it costs an average of $141 to notify, settle and otherwise handle the breach. Consider that this is a per customer cost, not a per breach cost, and you can quickly see how it could all add up.
One of the ways you can protect yourself financially is with cyber liability insurance. Some are asking, however, if paying for the insurance is worth the extra cost to their business. The truth of the matter is that it depends. It depends on the number of customers you have, the amount of cyber security measures you have installed, and whether or not your business could survive a lawsuit if it came down to it.
Some insurance companies who provides this type of coverage will cover costs associated with notifying customers, monitoring credit cards, identifying the cause and nature of the breach and even legal costs. There are several companies that offer this type of insurance to small businesses, meaning that you should be able to shop around for the best cost.
We know that running a small business on your own can be stressful. Let our team take some of the weight off your shoulders. Reach out to us today for more information on how we can assist you in the daily tasks of running your company. We can help you get away from your computer and back to work.