Cyber Security Insurance for Small Business Owners

Posted on Thursday, July 2, 2020

Cyber attacks regularly hit the headlines, but the stories that make the news tend to concern huge global corporations, with vast resources at their disposal. As a result, some small business owners have felt a false sense of security when it comes to the threat of cyber attacks. Unfortunately, the risk that such attacks pose to small businesses is just as severe as it is for their larger counterparts. And for smaller businesses, the effects of a cyber attack can be far more devastating.

Small business owners are by no means immune to the dangers of cyber crime, and that’s why those heading up smaller companies should be giving serious consideration to the coverage offered by their cyber insurance policies. Just take a look at some of the key benefits of specialist cyber security insurance.

Cyber security insurance provides complete peace of mind

The beauty of a good insurance policy is the peace of mind it provides. A specialist policy designed with a business’s particular risk factors in mind takes a huge weight off the shoulders of the owner. It can leave business owners and management teams free to relax, confident in the knowledge that cyber security risks are under control. This peace of mind can also help businesses to be more ambitious, and make better use of the resources at their disposal.

Cyber insurance will get your business back in action quickly

In recent years, the number of cyber attacks targeting small businesses has risen rapidly. Unfortunately, criminals have identified weak points in the security of smaller companies, and sought to exploit these vulnerabilities in greater numbers than ever before. Cyber insurance policies can’t stop these attacks from happening, but they can limit the impact of an attack.

One of the ways in which policies can help is by ensuring businesses are back up and running quickly after an attack. Some cyber attacks, like ransomware for example, can cause massive interruptions to business, with companies effectively grinding to a halt as a result. Specialist policies are designed to help in such a situation, putting processes in place to get a company back on its feet as quickly as possible.

Insurance policies can help to protect your reputation

Cyber attacks don’t just cause business interruptions. They can also have a catastrophic impact on a company’s reputation, affecting the trust that a company has fought so hard to build over the years.

Data leaks can be particularly damaging in this regard. But if customer data is stolen or leaked, there are several ways in which cyber insurance policies can help. Policies can put businesses in contact with specialist incident response teams, who can provide a whole range of services, from cyber forensics to legal representation and public relations support.

Cyber insurance is hugely important for small businesses. Not only does it provide complete peace of mind for business owners, it can also be invaluable should an attack occur. Specialist policies connect business owners with experts in the field, providing a business with the means and expertise to manage an efficient response that limits the impact of an attack, and gets the company back up and running as quickly as possible. Learn more about cyber insurance policies for small business owners at Eggar Forrester Creative.