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Another news cycle, another malware story. With everyone from the biggest credit agencies to the smallest home businesses at risk for cybercrime, many small biz owners are reassessing their risk of being hacked. And while preventative measures are essential, they're not always perfect -- that's where insurance comes in.
Cyber insurance can cover everything from pre-incident security audits to post-incident criminal investigations. So how do you figure out if cyber insurance is right for your small biz? Here are five big questions -- and answers -- regarding small business cyber insurance.
You may think that your company is too small to show up on hackers' radar. But if you're doing business online or otherwise collecting customer billing information, you could be a target. Two-thirds of all cyberattacks are small businesses, often because they don't take the same security precautions that larger companies do.
The Department of Homeland Security says cybersecurity insurance can help thwart cyberattacks by "promoting the adoption of preventative measures in return for more coverage" and "encouraging the implementation of best practices by basing premiums on an insured's level of self-protection." So, insurance isn't just good for mopping up after a data breach.
Holding a business's data ransom has become a popular tactic for cyber criminals lately. So can cyber insurance (or old-fashioned kidnapping insurance) help?
DHS and the Small Business Administration are teaming up to help keep startups and small business safe from cyberattacks by developing cybersecurity infrastructure, threat awareness, and employee training programs to prevent future attacks.
In the end, it's all about accurately assessing the cybersecurity risks and rewards for your small business. If you need help figuring out of cyber insurance is right for your company, or finding the right cyber insurance policy and coverage, contact an experienced small business attorney.