If you run a small business, chances are that you are aware that you face a lot of risks. You face physical risks like property damage and injury and you face liability risks. However, there is also a third category of risk that you should be aware of. With more businesses than ever using technology, cyber threats have also become a major issue. Luckily, cyber insurance can help protect you from this relatively new risk category.
What Types Of Coverage Do You Need For Cyber Protection?
There are two main categories of risks that you need to protect against. These are data breaches and cyber liability issues. Data breaches occur when someone gains unauthorized access to your network and gets ahold of valuable information. Data breach coverage can protect you from the financial consequences of a data breach.
Cyber liability issues occur when your customers are affected by a cyber attack made on your network. Your customers could end up claiming that the cyber attack occurred due to your negligence and take you to court. Cyber liability can cover any fees associated with this.
How Much Does Cyber Insurance Cost?
The cost of cyber insurance can vary widely depending on a few factors. Some of these factors are:
- The number of customers you have
- The types of data you store
- Your revenue
- Your claims history
Cyber attacks are a real risk in today’s day and age. Cyber insurance can help offer you greater peace of mind.