Believing these cyber security myths can leave your small business at risk.
As a small business owner, you know that you are subject to certain risks. This is why you have secured the right business insurance in Dallas, Texas. However, some business owners are not aware of the cyber security risks that they face because they buy into popular misconceptions. To ensure that you do not leave your business vulnerable, here is the truth behind some of the common small business cyber security myths.
“My Business is Too Small to be Targeted for Cyber Attack”
While data breaches and cyber attacks against big-name corporations receive a lot of media coverage, this does not mean that smaller businesses do not also fall victim to cyber crime. In fact, research shows that approximately 40% of all cyber attacks actually target companies with 500 employees or less. When it comes to cyber attack, no business is safe, so it’s important that you secure the necessary safeguards for your company.
” My Existing Business Insurance Will Protect Against Cyber Risks”
Another common misconception that many business owners have is that their other insurance policies will offer coverage for cyber liability issues. Unfortunately, this simply isn’t the case. Generally, policies specifically include cyber liability risks from coverage. The only way to secure the comprehensive cyber protection that your business needs is with a specialized cyber liability insurance policy.
“Cyber Liability Insurance is Too Expensive”
As with any other type of commercial coverage, cyber liability insurance requires the policyholder to pay regular premiums. While there is no way around this cost, it’s important to understand how much your business stands to lose if you forgo this protection. If your business is the victim of a cyber attack, then you would be responsible for the cost of informing your customers, recovering compromised data and identities, credit monitoring, repairing affected computer systems, and all the lawsuits filed by affected parties. Altogether, these costs are staggering and could be enough to send your business into bankruptcy. However, with the right cyber liability coverage, you can ensure that the costs of a cyber attack do not affect your company’s bottom line. So, while cyber liability insurance in an investment, it is a more than worthwhile one.
Don’t buy into these misconceptions if you want to keep your small business safe. Remember, securing the right commercial insurance is the best way to protect your company. For assistance with your business insurance in Dallas, Texas, contact the experts at Champion Commercial Insurance to get started today.