Data breaches and network security failures happen. In fact, IBM reports more than 91 million security events per year. According to a recent study done by Kaspersky Lab, small and medium sized businesses stand to lose an estimated $38,000 in direct losses to recover from a cyber-attack, and roughly $8,000 in indirect expenses to prevent such incidents from happening again in the future. In their studies, they found that nearly 90% of businesses admitted to security incidents. Of that group, 46% claimed to have experience some type of data loss. The leading cyber threat experienced by businesses? Malware.
Your Credibility Can Take a Hit
The monetary loss doesn't even begin to hit on another detrimental factor a cyber-attack can mean to your business - client loss. Once your business has been targeted and suffers a cyber-crime, your client's personal information has been compromised. This means that not only is your business's finances at risk, but so is your client's. This can be extremely detrimental to a business's reputation. Once it becomes known to current clients that you've experienced a cyber-attack and their personal information has been compromised, you run a high risk of losing those clients. You run an even bigger risk of losing opportunities to building future relationships with outside consumers you haven't worked with yet.
If you don't have cyber coverage for your business, you're risking yourself to great loss and an even harder recovery. Cyber Liability Insurance at the Lake of the Ozarks helps businesses survive data breaches by paying for recovery expenses. Speak to your agent today about the ever-growing importance of having this additional coverage on your business policy. If you don't have a local agent to speak to, contact Insure the Lake, the best insurance agency at the Lake of the Ozarks, and we'll be happy to discuss Cyber Liability Insurance with you to protect your business from security breaches and cyber-crimes!
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About the Author: Steve is a double back-flip insurance ninja. He was named Young Insurance Agent of the Year by the Missouri Association of Insurance Agents in 2010 and is a Certified Insurance Counselor. When he is not helping customers, he enjoys community service, Latin dancing with his beautiful wife and going on adventures with his two awesome sons.
Steve Naught, CIC
3736 Osage Beach Parkway
Osage Beach, MO 65065
Next to Golden Coral
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