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Insurance could save your small business from a cyberattack

Mount Equity Group Tokyo, Japan > News > Business > Insurance could save your small business from a cyberattack

While cybercrimes such as data breaches and ransomware attacks are more widely publicized when large, nationally recognized companies are the victims, many small businesses are no less at risk.

According to a May report from Cybersecurity Magazine, 43% of all data breaches involve small and medium-sized businesses, while 61% of all small businesses reported at least one cyberattack during the previous year.

And when an attack is successful, it can harm a business beyond repair.

“It does put small businesses out of business,” said Bill Woodworth, a senior account manager for Spotts Insurance Group and self-described “insurance nerd.”

With the rise in businesses going digital in response to COVID-19 in the last year, Wyomissing-headquartered Spotts Insurance increasingly recommends either data breach insurance or cyber liability insurance — in some cases, both — to its commercial clients.

That’s not as ludicrous as it…

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