Even the smallest businesses can be a target for hackers that want your data, or want to use your data to steal from you and your customers. Speak to a broker today to learn more about how vulnerable your business might be and how we can help you if you get hacked.
Today, your business has hundreds, even thousands, of electronic files that contain personal customer information, credit card details, passwords and other sensitive data, and likely that data is accessible online. You also rely on your technology infrastructure to keep your business running. Your website to generate leads, your payroll system to pay your staff, your CRM to keep track of your customers. What if a hacker got a hold of your passwords or found a way into your system? What if they locked you out and offered the decryption key in exchange for a bitcoin ransom? What if they started using or selling your customers’ credit cards on the dark web? What if one of your employees or customers fall prey to increasingly common phishing attacks.
The general fear is that your company could be hacked leading to the theft of client data. This perception is not surprising given the very high profile hacks in recent years such as Marriott, Target, Home Depot and Experian. It’s extremely important to recognize and protect against this risk. However, it’s far more likely that your business will be subject to cyber crime such as phishing attacks, ransomware, funds transfer and other malware. These increasingly sophisticated attacks can cost hundreds of thousands of dollars to deal with – not to mention substantial downtime for your business and reputational damage.
One in five Canadian small businesses have been targeted by cyber-criminals. You are not immune or alone in the struggle.
Cyber insurance through Mitchell & Whale covers your business for the following if you get hacked:
Almost without exception, the answer is yes. If you have a website, especially an e-commerce site, you need cyber insurance. If you have electronic customer records, especially if they include payment or other personal information, you need cyber insurance. If you rely on your systems and data to operate, if you accept customer payments using a payment terminal, if you pay your employees with direct deposit…you get the idea.
Sixty percent of businesses that get hacked don’t survive 6 months. The key when you do get hacked is to identify the problem quickly and take the right steps in the right order to minimize the damage to your customers and to your business. We work with the best cyber insurers in the business, who offer not only payment for your losses, but an elite cyber-recovery team that includes experts in IT security, data forensics, privacy law, public relations, negotiation (if hackers ask for a ransom) and more.
Buying your cyber insurance through M&W means that you’ll have this team in your corner when and if you need them, and they will help you reduce your business down-time, reduce your liability, safeguard your brand and comply with all relevant laws.
Hacks and cyber-breaches come in all shapes and sizes. In terms of what it could cost your business, there are a number of factors that come into play, including the size of your business, what industry you’re in, how many customer records you have and how long it takes for you to discover and fix a breach. On average, the total cost of a breach is about $270 per customer/prospect in your database. So if you have 700 customer records, a breach could cost you close to $200,000.
No company, no matter how sophisticated its IT department and cyber defenses, is safe from a cyber attack. Today’s cyber criminals can breach virtually any firewalls and encryption and render them useless. Cyber attacks have the potential to destroy the company you’ve worked so hard to create. That’s why all companies, no matter the size or the industry, should consider adding this insurance to their portfolio.
To learn about the many ways cyber insurance can help to protect your business and limit your liability, call Mitchell & Whale Insurance Brokers today at 1-800-731-2228 or email me us at firstname.lastname@example.org. We’ll be happy to help you with any type of commercial insurance you may need.