Over the last decade, most businesses have become digital. With the digital age comes new threats. One such threat is cybercrime. Here is why you may need cyber coverage to defend against it.
Cyber Criminals Can Strike Anyone
There is a misconception that cybercriminals only target large businesses. The reality is that they target all businesses and that small business is common targets. In a lot of cases, criminals believe that smaller businesses have less protection.
Any Type of Data Can Be Stolen
There is value in a lot of different types of data. For instance, cybercriminals may choose to take health information, identifiable information, credit card information, and more. Your business may have a lot of personal data. The data may be your clients bank account information or your employees social security numbers.
Expenses From Cybercrime Are High
To experience a cyber attack or data breach can cost a company hundreds of dollars on the low end and millions of dollars on the high end. It all depends on the type of data that was stolen from your company. Without cyber coverage, you have to fit the bill for the cyber attack.
Cybercrime is no joke. Every industry and every business is vulnerable when they do not take the steps to protect their business against it. Cyber insurance and cybersecurity can protect companies against the high costs of cybercrime.