Small and medium sized businesses (SMBs) are particularly popular targets for cyber attacks. Knowing that these smaller businesses likely don’t have the resources required to fend off such attacks, and that they likely don’t have the budgets for the most sophisticated software solutions to prevent them, hackers are targeting SMBs more and more, doing huge amounts of damage in the process.
Cyber insurance offers a way for SMBs to get financial protection in the event that they are attacked, but it does much more. By providing coverage for assessments, improvements, and coaching in the event that an attack occurs, this type of insurance is a valuable tool in reducing the chances of such an attack occurring and in providing a rapid, effective response in the event that it does. It also ensures that the SMB has resources that allow it to meet notification requirements and other legal and regulatory requirements, minimizing the potential costs of a breach.
Some of the coverages that cyber insurance offers overlap with other forms of business insurance, but many coverages do not cover cyber risks. Having a broker who understands cyber insurance and who can provide you with coverage that is specifically customized to your SMB’s needs is imperative to having adequate insurance.
In this book, we’ll take a look at the threats, the insurance options and why your SMB should have this coverage.
Cyber insurance offers a way for SMBs to get financial protection in the event that they are attacked, but it does much more. By providing coverage for assessments, improvements, and coaching in the event that an attack occurs, this type of insurance is a valuable tool in reducing the chances of such an attack occurring and in providing a rapid, effective response in the event that it does. It also ensures that the SMB has resources that allow it to meet notification requirements and other legal and regulatory requirements, minimizing the potential costs of a breach.
Some of the coverages that cyber insurance offers overlap with other forms of business insurance, but many coverages do not cover cyber risks. Having a broker who understands cyber insurance and who can provide you with coverage that is specifically customized to your SMB’s needs is imperative to having adequate insurance.
In this book, we’ll take a look at the threats, the insurance options and why your SMB should have this coverage.
