Do you own a business that relies on data, and you are considering cyber liability insurance? If so, it will help to know the following things about cyber attacks

All Companies Are at Risk

Many business owners assume that they are not at risk from a cyber attack because they do not operate a large business. The truth is that small businesses are even more at risk than large corporations. When it comes to data breaches, know that small and medium-sized businesses make up 43% of the companies that are harmed. It's not just the big companies that are taking on the risk due to their size. 

Data Breaches Are Expensive

If your company does suffer from a data breach, there is more that can be lost than the data. It can cost a business thousands of dollars to investigate how the data breach happened, fix the problem, and then restore the missing data. There is not only money to be lost, but opportunity costs as well. The time spent dealing with a data breach can be used to make additional revenue or grow your business further. 

Cyber Crimes Come In Different Forms

It's possible that you do not know the scope of a cyber attack. Ransomware is a popular method, where your data is held for ransom by a hacker unless you give them the money they are requesting. Malware is a form of malicious software that is designed to either steal information or cause damage. Phishing attempts can be used to get sensitive information from employees. You can also be a victim of intellectual property theft, or have your server attacked so that nobody can use your website. 

Sensitive Data Can Be Lost

Your company likely has a lot more sensitive information than you think. You may be holding onto sensitive information about customers or employees, such as security question information, social security numbers, birth dates, and things of that nature. If you run a doctor's office, you may have health information that is protected by HIPPA laws. Payment information for credit cards, banking accounts, and other financial accounts. Your business may also have proprietary information, such as trade secrets or intellectual property that can be useful if given to a competitor. 

Feeling like you have a lot to lose if you are the victim of a cyber attack? Reach out to a cyber security insurance provider for more information about how they can help.