In today’s digital world, businesses of all sizes depend on technology, which makes them prime targets for cybercriminals. Attackers are always finding new ways to breach security systems, and that’s where cybersecurity insurance comes in. It helps protect companies from the financial losses caused by cyberattacks.
How Cybercriminals Attack
Hackers use many methods to break into systems, such as:
Phishing: Tricking employees into sharing sensitive information through fake emails.
Viruses and Malware: Software that can steal data, corrupt systems, or crash networks.
Denial of Service (DoS): Overloading a company’s website to stop users from accessing services.
Surprisingly, employee errors—like clicking on a phishing link—cause 90% of all cyber claims, showing how human mistakes often lead to breaches.
Why You Need Cybersecurity Insurance
A cyberattack can lead to lost revenue, legal fees, and damage to your reputation. For small businesses, the impact can be especially severe, with 60% closing within six months of a cyberattack. Cybersecurity insurance covers the costs of recovery, such as:
- Revenue lost during downtime
- Legal fees if customer data is stolen
- Public relations efforts to restore trust
Simple Steps to Protect Your Business
While insurance is essential, preventing an attack should be the first priority. Here are some easy steps to strengthen your security:
- Update software regularly to fix known security holes.
- Use strong, unique passwords and change them often.
- Install firewalls and antivirus software for added protection.
- Train employees to spot phishing scams and follow safe online practices.
Don’t Forget Mobile Devices
Smartphones and tablets store a lot of sensitive information, making them attractive targets for hackers. Make sure all company devices are protected with up-to-date security software.
Protect Your Business Today
Cybercriminals are always evolving, but with cybersecurity insurance, you can protect your business from the financial damage of an attack. At Garland-Sturges & Quirk, we offer customized coverage to help you stay secure. Contact us today to learn how we can protect your business from the growing threat of cybercrime.