Wednesday, May 10, 2017

Think You're Safe From Cyber Attacks? Think Again.

Many businesses do not understand the scope of what a cyber insurance policy at the Lake of the Ozarks can provide in the event of a network security failure. They think that things like cyber-attacks won't affect their business. Unfortunately, data breaches and other cyber-crimes are becoming very common. Roughly 55% of data breaches are experienced by small businesses, and nearly 53% of small businesses have suffered multiple breaches! A robust cyber insurance policy at the Lake of the Ozarks can help businesses handle matters more effectively when a data breach or network security failure does occur.
No Cyber Coverage Can Mean Big Monetary Loss

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.
Here's the Bottom Line

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!

Request a Free Quote Online! Contact Insure the Lake today for all your Lake of the Ozarks insurance needs! 

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