Did you know that HALF of all small businesses in the US have reported a cyber incident? A laptop left on the bus, a stolen smartphone or an email from an unknown contact can all be potential risks to your business. Security breaches can occur from spam emails, malware (Trojan horse/virus/etc.) or even simple phishing, simply requesting the information in a misleading or confusing way. It might be financial information, patient records, other intangible property, even having your computer system held ransom. Afterwards, you'll be legally obligated to notify all affected individuals. You might hire an IT forensics firm, then a public relations firm, then an attorney, plus you're required to pay for ID theft/credit monitoring services for all those affected. Ouch! How to protect yourself?
Cyber Liability/Data Breach Liability insurance provides funds to help you recover, including notification/credit assistance for patients affected. It also helps pay for defense costs, judgments, damages and settlements. Contact your broker today to inquire if your policy already contains some cyber breach protection, about higher limits being added to your policy, or about a stand-alone policy from a reputable carrier. Being prepared might be the difference between success and shutting your doors. Your broker will gladly set you up with protection for your company, for peace of mind that if a breach occurs, you can get back to business as usual.