The financial implications for a small business or independent contractor affected by a data breach can be devastating. In fact, studies show that 60 percent of small businesses go out of business within six months of experiencing a data breach.* The best way to prevent becoming a part of this sobering statistic is to protect your business by having cyber liability and data breach insurance coverage in place.
The fact that roughly two out of three SMBs suffered an attack or breach last year is alarming enough. But the financial impact of such incidents should put SMB owners—you—on high alert. The Ponemon study found that SMBs spent an average of $1.43 million to investigate and remediate cyber incidents in 2018, up 33 percent from $1.03 million in 2017. But those were just the direct costs of cyber hacks and breaches. Companies also suffered an additional $1.56 million in losses due to disruption of normal operations, representing a 25 percent increase from $1.21 million in 2017.
This Cyber Liability and Data Breach Insurance program provides small businesses and independent contractors with coverage to help protect against the financial burden created by a data breach.
Quoting this valuable coverage takes just minutes.
*Source: U.S. National Cyber Security Alliance