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Does Your Small Business Need Data Breach Insurance?

Author: Gabrielle Pickard-Whitehead / Source: Small Business Trends

Cyber security breaches cost businesses billions of dollars each year. Breaches in 2016 reached a record peak. Data from the Identity Theft Resource Center reveals in 2016, U.S. businesses and government agencies suffered a record 1,093 data breaches, a 40 percent increase from the previous year.

According to Deloitte, the current market valuation of cyber incidents is grossly underestimated.

As Emily Mossburg, a principal with Deloitte Touche Tohmatsu LLP and resilient practice leader for Deloitte Advisory cyber risk services, notes, “An accurate picture of cyber attack impact has been lacking, and therefore companies are not developing the risk posture that they need.”

The impact a cyber-attack can have on businesses can be devestating. Given the rise in frequency and intensity of these breaches and the damage they cause, taking out data beach insurance could be a wise move for businesses.

What is Data Breach Insurance?

Data breach insurance is designed to protect and support a business if it becomes the victim of a cyber-attack. This specific type of insurance provides comprehensive cover in the event of a claim related to a malicious cyber-attack or breach of data.

Data breach insurance offers protection if a hacker attempts to hold a business to ransom. The insurance can cover the ransom you are forced to pay the hacker, as well as helping you manage the whole stressful situation.

Comprehensive data breach insurance will also offer practical support in the event of a cyber-attack on your business. Such support includes providing a business with legal advice, forensic investigations, notifications to clients,…

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