Does Your Business Need Cyber Insurance?

By Catherine Powell

Image courtesy Pixabay

You can't watch the news, read a business magazine or peruse a newsfeed without learning about a new cyber-attack.  You'll either find that another form of malware has reared its ugly head or you'll learn that another Fortune 500 Company has been hacked.  Sorry to say it, but cyber liability has not only reached epidemic proportions,  it doesn't just effect big businesses.  In 2020, the average cost to small to medium-sized businesses (SMBs) whose computers were infected with viruses and malware was $68,000 per incident.  Targeted attacks cost the average business $188,000 to mitigate.  What's even worse is that 70% of all cyber attacks in 2020 targeted SMBs.  That's because they're easier to breach with off-the-shelf hacking tools.  (That's right, hackers can buy sophisticated hacking software on the Dark Web.) If you own a business and are tired of losing sleep over the possibility of being hacked, here's what you need to know.