Most data suggests that 60% of small companies go out of business within six months of falling victim to a data breach or cyber attack.
Cyber attacks cost businesses of all sizes about $200k on average, according to report by insurance providers with about 43 percent aimed at small business. Those small business that are attacked, only about 14% are prepared to defend themselves or have cyber insurance in place to survive the storm of possible legal and IT costs that can quickly follow.
- 68% of small business has experienced a cyber attack in the last 12 months (2019)
- 47% of businesses between 100 – 1,000 employees are hit with a ransomware attack last year.
- Average cost to remediate a ransomware attack is $505,827 for a company between 100 and 1,000 employees.
- Average cost for a SMALL business data breach is $120,000 to $1.24 million (2019)
- Of small business, 37% suffer financial loss, 25% file for bankruptcy, and over 9.7% go out of business.
- Part of these loses included liability for lost credit card data (some were hundreds of thousands of dollars), plus the loss of credibility with your customers.
- Fortunately, over 89% with cyber insurance said it covered their losses—and 87% were HAPPY they had it.
- Especially, when you consider the average annual cost for $1 million in coverage is between $1,000 to $7k per year (depending on size and industry). The cyber insurance is a fraction of the cost of the overall IT budget. Yet having cyber insurance in place could SAVE your business.
So, how do you protect your business?
Good cyber security and training helps—but in all these cases… The results of getting HIT with a Cyber Attack (even with everything in place) — can in many cases SHUT YOU DOWN, unless you already have a good cyber security policy in place.
See CNBC Article: Cyberattacks
Why is cyber insurance important?
The loss, compromise or theft of computer related data can have a negative impact on a business, including the loss of customers and revenue.
Businesses may be liable for damages stemming from the theft of third-party and customer data.
Cyber liability coverage is important to protect businesses against the risk of cyber events, including those associated with hackers, terrorism, viruses, crypto-viruses, and related risks.
Cyber-risk coverage can assist in the timely remediation of cyber attacks and incidents.
Protect your business with Cyber Security Insurance.
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