Your daily agenda as a business owner may involve supervising employees, completing payroll, and even facilitating training. But what about protecting your information? If you neglect this important task, you may end up going out of business sooner than you think, which means all of the other tasks you’ve been doing up to this point would have been for naught, according to entrepreneur Michael Giuffrida. This is why cybersecurity liability insurance may be a good investment for your business.
Research indicates that more than 40 percent of cybersecurity attacks are aimed at small businesses. Unfortunately, 60 percent of companies that undergo attacks end up going out of business within six months. However, you can prevent this from happening to you by tapping into the evolving cybersecurity liability insurance market today.
When it comes to this type of liability insurance, various policies may cover different things. For example, some policies cover a business owner’s costs as well as third-party expenses tied to a breach. Meanwhile, other policies will cover any business revenue you lose in a breach.
For this reason, it would behoove you to talk to experts in this area to find out exactly what kind of insurance policy you need. Keep in mind that more coverage equates to a higher premium. Also, don’t make the mistake of thinking that your standard liability insurance for your business will also cover you in the event of a data breach, as this isn’t always the case.
The sad reality is that you’ll likely get breached at some point if you haven’t been breached already. Not knowing when it will happen and how severe the breach will be can naturally cause you to feel uneasy. However, with the right liability insurance policy in place, you increase your business’s chances of standing strong even amid the most robust cybersecurity attacks of 2018 and beyond.