As we have pointed out previously, all businesses are vulnerable to cyber risk attacks, not just large businesses, and Cyber Risk Insurance (also called Data Breach, Privacy and Network Security insurance coverage) should be a key part of any business’s protection. Small and medium sized businesses are targets of hackers and should be buying Cyber Risk Insurance along with instituting strong IT security (see prior posts here & here).
Recent headlines have shown that not just large corporations are at risk... More SMEs are being attacked by hackers through spear phishing, ransomware, and denial-of-service attacks. Forward-thinking businesses are finding they cannot take an “it won’t happen to me” approach any longer.
Media typically reports on only large hacker attacks, so small and medium sized businesses may falsely conclude that they are not at risk. Hacker attacks on small and medium sized businesses are on the rise, and are often not reported. For every attack against a large organization outlined in the media, there are hundreds of other attacks against smaller businesses which go unreported (see prior post here).
Along with strong IT security, comprehensive Cyber Risk Insurance is an essential coverage for small and medium sized businesses for protection from hacker attacks. Coverages vary widely and comprehensive coverage is critical to ensure the broadest possible coverage.
Tennant Risk Services is a specialty wholesale broker and underwriting manager, and delivers expertise, markets and exemplary services to our retail insurance agent clients in the placement of professional liability insurance (E&O, D&O, EPL, Cyber Risk). We have Cyber Risk Insurance expertise for your clients.
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