20 Mar Cyber Liability Insurance Isn’t Just for Big Businesses

At Spivey Insurance, we know much time, effort and ingenuity it takes to make a small business profitable. After all, we’re a small business ourselves! With all the day-to-day pressures and obstacles you have to overcome to make your small businesses successful, protecting yourself from a cyberattack may not be at the forefront of your mind. However, the threat of a cyberattack is one of the most deadly perils your business faces. 

In North Carolina, cyber liability coverage is especially important. Did you know that North Carolinians suffered financial losses of more than $137 million in 2018? According to the FBI, North Carolina is among the top 10 states that reported losses from cybercrime in 2018. More than 77,000 people in North Carolina were victims of cybercrime that year. 

Don’t think that because your business is small that you couldn’t be a target. While the breaches at massive companies like Macy’s and Marriott make the news, small businesses are often targeted just as often. They’re perceived as being more vulnerable and easier to breach. Plus, data breaches at small companies don’t make big headlines. 

We share all of this not to scare you (we’re living in scary enough times as it is!) but to make sure you know how to properly protect yourself. If you haven’t talked to us about cyber liability insurance within the past couple of years, we should discuss it. The landscape of cybercrime is constantly changing. Even if you have coverage, it may not be enough. If you don’t have cyber liability coverage at all, we should definitely talk about it as soon as possible. Security Magazine reported that cyber attacks on small businesses cost an average of $36,000 to $50,000. A loss that significant would devastate most small businesses without adequate cyber liability coverage.

We want all of our neighbors in North Carolina and South Carolina to have their businesses protected from the risk of financial losses due to cyberattacks. Call us at 704-821-4460 or connect with us on Twitter, Facebook, Instagram, YouTube, LinkedIn or Pinterest so we can help you protect your small business.