You’re a savvy business owner. You know the importance of having a cybersecurity plan. It likely includes the basics.
- Antivirus and anti-malware
- Data encryption
- File backup
However, does your plan include a cyber insurance policy?
While you may think you’ve planned for everything, I refer to the Scottish poet Robert Burns.
The best-laid schemes of mice and men
Go often askew,
Cybersecurity Insurance Protects Your Investment
Our friends at the Insurance Information Institute (III) say that only 31% of small businesses have a cyber insurance policy. However, one in 10 businesses experienced at least one cyber-attack last year. A typical loss for these incidents can be more than $188,000.
That is certainly more than a drop in the bucket.
Cybersecurity crimes represent one of the biggest threats to business, governments, and individuals all over the world.
Australian newspaper Northern Star reports that scammers using a combination of emails and phone calls stole nearly three-quarters of a million dollars from two communities. They accomplished this by impersonating the municipalities’ suppliers and getting the right people to change their bank payment information.
This type of supplier invoice fraud is on the rise, particularly for small businesses.
These crimes, and the increasing use of technology in all aspects of our lives, make having a cyber insurance policy for your business a priority.
You may think that your existing business insurance includes losses related to cybercrimes. However, unless specifically stated in your policy, claims for cybercrimes may not be covered.
With more than 50 years of experience as your local, independent insurance agency, the Keating Agency can help you craft a cyber insurance policy to meet your small business needs. We work with more than two dozen companies because we know that one size does not fit all when it comes to insurance.
Give us a call. We can talk about how best to protect your small business.
At the Keating Agency, our focus is always on you.