One can’t watch the evening news lately without hearing about another computer hacking scandal or cybercrime ring threatening to use our personal data for nefarious purposes.
Cybercrime has significant financial and non-financial implications for businesses. Crashing a server, unauthorized access to client data and losing sensitive or confidential company information causes business disruptions, identity theft, bad publicity and sometimes financial fraud and theft.
Are you immune from cybercrime?
A recent study cited by the U.S. House Small Business Subcommittee on Health and Technology found that while more than three-quarters of small businesses believe their companies are safe from hackers, 20% of all cyber attacks hit small businesses with 250 or fewer employees.
Security experts say it’s not a question of if your organization will suffer a cyber attack but when.
Smart business owners can begin by creating a cyber security plan. Companies can assess their current computer systems and determine their current level of IT security to create a plan to reduce risk. A combination of security technology and safety procedures can helps prevent cybercrime. But hackers are smart and innovative; security alone cannot prevent all potential attacks.
Businesses can use insurance to mitigate cybercrime risk. Cybercrime and/or cyber liability insurance policies are available for organizations of all sizes from small businesses to Fortune 500 companies. They are typically available as part of a comprehensive commer-cial insurance package. Ask me about your coverage.