The thumbnail version:
- Cybercrime is running rampant
- Even small businesses are targets
- You can now get insurance coverage
The full version:
I was recently told about something I wish I’d had about almost 15 years ago when my e-commerce site was hacked. It took two months of downtime and $8,000 to restore the two hundred or so vandalized files.
A cyber insurance addition to our regular business insurance policy would have helped a lot. According to the broker who told me about this, it’s and easily and relatively inexpensive (he mentioned an additional premium of about $200) addition to a business policy.
Given the extent of cybercrime nowadays, if you’re doing business online, cyber insurance is something you should call your broker about today. If you’re already covered, it wouldn’t hurt to revisit the policy to make sure that the coverage is adequate—it could save you a lot of frustration, lost business, and money.