How Can Cyber Insurance Actually Help My Startup or Small Business if it’s Hacked?
While undoubtedly aware that hacking, identity and information theft, and data breaches are a massively destructive and costly global threat, the average entrepreneur may not know how great the risk is to them. The cyberattacks that get the press are the ones suffered by the huge corporations, a list of which is too long to include here, but that’s not to say that small- to mid-sized businesses aren’t at risk. In fact, 60% of small businesses that get hacked don’t bounce back from a cyberattack and fold within six months. So, with the obligatory disturbing statistic shared here, what can you do to protect yourself and your business from the consequences of cyberattacks should that become an unfortunate necessity? The concern might be complex, but the answer is simple: You can get cyber insurance . What is Cyber Insurance and What Does it Cover? Cyber insurance was born as a feature of broader errors and omissions (E&O) insurance policies. The increasing preval