If you’re in tune to the biggest threats to businesses nowadays, you probably wouldn’t be surprised to hear that cybercrime and data breach are up at the top of the list. As businesses become more reliant on technology, there are more openings for hackers and others to access business private information. This makes data breach insurance necessary. Unfortunately, there is one big misconception in terms of the data breach. This misconception involves the idea that you have to be a large company to be at risk.
Small Companies Have More to Lose
As a small business, you seek to lose more if you’re hacked by a cybercriminal. Larger businesses may be able to pay for the fines associated alongside the marketing options to clean their name after a data breach scandal. Small companies have fewer resources and more to lose.
Small Companies Are Targeted More
The truth is that small to medium-sized businesses are targets of a data breach far more often than larger businesses. The only reason that it might seem like the opposite is true is because smaller businesses do not receive the same publicity.
If you don’t think you need data breach insurance, you probably are wrong. Most companies need it because most companies are digital nowadays. It doesn’t matter the size of your company, every business needs protection in case of a data breach.