When you think of cyber risks, it may seem like large companies, government entities and the like are the most at risk. And while they certainly make juicy targets for hackers and other troublemakers and get all the press, the fact is that SMBs (small and medium-sized businesses) are actually at greater risk (see our prior post).
Why? Because smaller companies still have valuable data and assets of their own, as well as access to larger companies that are their vendors and/or customers. And smaller companies are less likely to have the tightest cyber security.
In fact, a CNBC survey found that 56% of small businesses are not concerned about being victims of a cyber-attack. And yet, in 2019, 43% of cyber-attacks were on small companies – a number most experts believe has only increased, especially given the increased use of remote access as so many workers moved to remote work.
The types of risks most common for SMBs include ransomware attacks, and phishing and social engineering scams.
The good news: There are some relatively simple ways even small companies can protect themselves. Inc. recently outlined some cyber security best practices, including relatively simple measures such as employee training and keeping up with software and hardware updates. The leading Cyber Insurance underwriters provide valuable risk management information and services along with their insurance.
But even the strongest cyber security is not foolproof, especially in a business landscape where tech is constantly evolving - which is why having Cyber Insurance is a good idea. It means your company is covered even if the worst happens despite your best efforts.
eSpecialty Insurance is your specialty insurance expert. We have developed a streamlined process to provide multiple proposals from a range of competitive insurers, along with expertise to help you evaluate your exposures and choose the best combination of specialty insurance coverage and price. Get in Touch – we look forward to working with you.
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