For most businesses, the threat of a cyber breach is a very real problem thanks to hackers who exploit technological advances to their advantage. While dealing with the aftermath of a breach can be frustrating for businesses, it can be especially devastating for smaller businesses. If you’re a business owner and you don’t have cyber insurance, here are a few reasons you should consider purchasing some to help lower your cyber risk.
You may think that adding cyber insurance to your insurance policy will be expensive, but that’s often not the case. You can find affordable policies that match your cyber risk without hurting your wallet.
It Takes the Place of a Risk Management Team
Unless you’re a large corporation, chances are you don’t have an entire team of employees dedicated to managing your company’s cyber risk. Your insurance carrier can help mitigate your risk by ensuring you have the proper policies and procedures in place to help prevent a breach from occurring.
It Covers Outside Your Typical Policy
Most liability insurances only cover certain instances and often, cyber breaches aren’t included. Having that added protection can prevent your business from becoming crippled in the event of a breach and even help rebuild your reputation.
With the right policy in place, your business can have added peace of mind knowing that a cyber threat won’t devastate your business. Without it, if you do have a breach, your business could be impacted by much more than the annual cost of carrying the insurance.