Insuring your company is a must in today’s world of business. But did you know that cyber threats are as dangerous as other threats, physical threats? And yet, the vast majority of small businesses don’t have cyber insurance.
A bit illogical, don’t you think? Well, many people underestimate the threat of cyber attacks, and then they have to pay. Hackers steal millions of dollars and tons of valuable data from companies every year.
That’s why cyber insurance is a must if you want to ensure that your company is safe. To learn more about cybersecurity and see how you can help your business, click here. And meanwhile, find out what are the six reasons you should purchase cyber insurance.
The Risk of Cyber Attack is High
The number of yearly cyber attacks is high, and it’s still growing. So if you think that the chances of your company being attacked by hackers are low, think again. Here are some statistics to give you the perspective of the threat.
Do you know how many American companies were victims of cyber attacks in the last 12 months? More than ⅔. Sixty-three percent, to be exact. That’s why you shouldn’t think that it won’t happen to your company.
Also, if you think that your insurance company will cover any losses after a cyber attack, it probably won’t.
Cyber Attacks are Very Costly
If the paragraph above still hasn’t convinced you, maybe the universal language of money will. In 2019, the total loss caused by cyber-attacks estimated on, drum roll please, a staggering 11.5 billion dollars.
That’s an average of 3.92 million dollars per business, and 17,000 dollars lost every minute. Impressive, isn’t it? There’s more. An estimated cost of one attack was 141,000 dollars. That’s 200 percent up to more from 2018.
So as you can see, the stakes are high, and you probably don’t want your company to chip in.
Cyber Attacks Cost More Than Just the Money
Okay, now you know how much money you can lose if you won’t increase your cybersecurity. But, keep in mind that it’s much more than just your company’s hard-earned money, it’s the stolen data that hurts the most.
During a cyber attack, you can lose everything from your employees’ personal information to the private company’s data. After just one attack, your position on the market, and your reputation can hit rock bottom.
And if you’re not covered, your company may never recover from it.
Cyber Insurance is Much More Affordable Than You May Think
As you can see, cyber threats are a big deal, and you should never underestimate them. But now, let’s take a look at how you can protect your business from them, and why cyber insurance is a must for you to purchase.
And if you worry about the potential costs, put those worries to bed. There are cybersecurity packages that cost less than 90 dollars per month. It all depends on the company, so do your research if you want to pick the right option for you. You can also get a premium estimate tailored for your business, here.
It’s More Than Just the Insurance
Cybersecurity companies offer much more than just insurance. There’s a full package that comes with insurance and gives your company many more benefits.
For example, many cyber insurance providers offer to pay your company costs of notifying customers when the security breach occurs. Or even cover the expense of hiring a public relations representative who’ll help your company stand back on its feet.
It Works
And last but not least, cyber insurance works, that’s a statement of fact. Companies who purchased cyber insurance are satisfied and seem more reliable to a potential customer, who is going to feel more secure about doing business with you.
Almos 9 out of 10 small and medium-sized businesses are happy with their cyber insurance coverage. They usually state that everything worked out perfectly and that they got the help they needed.
Summary
The risk of a cyber attack is high, and the losses may be severe. That’s why you should always purchase cyber insurance if you want to make sure that your company is fully protected.
It will cover your losses after ransomware, and help your company in recovery. Keep in mind that the number of cyberattacks is growing, and with it, the chances that your company will be the next victim.
You mustn’t underestimate your cybersecurity like many other businesses that have suffered severe losses in the last few years. Be smart and get your cyber insurance now. Don’t wait until it’s too late.