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Cyber crimes are in the news every day. It’s important to be aware of potential threats and to know what options are available to protect you in the event your business comes under attack. Purchasing cyber insurance is a great way to protect your business if the worst does happen.

 Cyber attackers do not discriminate when it comes to the size of your business. According to the National Cyber Security Alliance, nearly 60% of the small and medium businesses that experience a cyber attack will be out of business within six months of the attack.

For small to mid-sized businesses, the number one cause for most data breaches is negligent employees. Here is a claims example from one of our partners, Chubb Insurance:

 An employee of a car components manufacturing company clicked on a malicious link in an email and malware was downloaded onto the company server, encrypting all information. A message appeared on the employee’s computer demanding $12,000 to be paid by Bitcoin in the next 48 hours in exchange for the decryption key. The total cost of the claim was over $73,000.

One way to minimize cyber attacks is to establish a plan using:

•Strong passwords

•Secure information storage

•A robust network

•Trusted vendors

In reality, no one is 100% secure, and many say that cyber insurance is no longer really an optional coverage. If you want to learn more about how cyber insurance could benefit your business, give me a call at 864-400-3503 or click here to request more information. 

Curtis Bull, CIC

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