Small and mid-sized businesses are increasingly being targeted for cyber attacks, as criminals consider them low-hanging fruits that often do not have the resources in place to mount a strong defense.
A severe attack on a small company can incapacitate its ability to do business, and the expenses of getting operations back on track can be coupled with loss of goodwill and can easily force many firms into bankruptcy. That’s why it’s important to not only have safeguards in place to avoid being compromised in the first place, but to also take out cyber insurance.
If you are running a small or mid-sized company, do not underestimate the growing threat to your business. Hiscox’s “2019 Cyber Readiness Report” estimated that cyber-security incidents would cost businesses over $5 trillion within the next five years alone.
According to a survey by online insurance news service Adviser and Nationwide Insurance Co., the types of cyber losses mid-sized businesses incur are: Coverage Gap Concerns as Cyber Threat Grows