What You Don’t Know About Cyber Crime Could Hurt Your Business
The large-scale breaches, we hear about—Target, Sony Pictures, Yahoo. But hacking is a constant occurrence anymore. Most of us are operating under the belief that we’re flying under the radar, but, really, the odds are turning less in our favor by the day. We’re not sitting ducks, though. Cyber crime insurance is designed, in part, to cover the cost of restoring lost or corrupted data, which could mean the difference in your business surviving such an attack.
No one is immune from cyber crime. Allow us to explain why.
“My business is too small to bother with”
Small to midsize companies comprise 85 percent of reported breaches. And more than 60 percent of them never recover.
“There’s nothing to be gained from stealing my data”
Everything from Social Security numbers to health records to seemingly innocuous contact information can be monetized in the wrong hands.
“My third-party vendor has up-to-date security”
If a corporation the likes of Target can be let down by a third-party vendor’s cyber security, the same can happen to your business. With technology evolving as rapidly as it is, it’s impossible to say with total assurance that any protection is guaranteed.
If you’re thinking that supplementing your current policy with cyber crime insurance is beyond your means, you could be jeopardizing everything you own. Crisis response and legal fees alone can run more than half a million dollars in a typical case. In less than a minute, literally, your world could be turned upside down. Being covered means your company will live to see another day.