Risk Of A Fire Low… Risk Of A Cyber Attack High
Believe it or not, a small to medium sized business has a greater chance of having a cyber-attack than it does of having a fire. We’re committed to providing insurance solutions that keep small to medium-sized businesses protected. That is why we combine various coverage options into one convenient package – for more benefits than a typical Business policy and better savings through competitive pricing.
According to Symantec, in 2017, the average annual cost of cyber attacks to small and medium-sized businesses was nearly $208,000. Many times a small business does not have the recourses to respond effectively, and about 30% of small businesses are forced to close as a result of a cyber attack. Almost every state now has laws regarding breach notification and identity theft insurance requirements once your business has had a cyber breach.
Cyber Facts For Small Businesses
According to a study by Staysafeonline.org, small businesses are a few steps behind in cyber risk and safety.
Two thirds (67%) allow the use of USB devices in the workplace.
77% do not have a formal written Internet security policy for employees.
Only 50% say that all of their machines are completely wiped of data before disposal.
Here Are Some Warning Signs Your Business Is At Risk
Poor or weak passwords
No formal computer use policy
Lack of up to date computer security programs
People leaving computers on at night
No client information storage policy or protocols
Cyber Insurance Options
Most insurers have excluded cyber risks from more traditional insurance policies such as Commercial General Liability (CGL). Some may offer a small amount, but it generally will not be enough. There are many new products on the market that can provide the needed protection. Call our office for more information.
Shepard Insurance Agency can help you protect your livelihood against the unexpected. We offer tailored programs for all types of businesses and professions in McAllen, TX, the entire Rio Grande Valley and the great State of Texas.
Call us at (956) 686-3888 or start a Free Rate Quote. We can review your insurance requirements and create a portfolio to protect your assets and minimize your risk of loss.