Cyber security and ransomware hacks continue to rule the news headlines throughout the world. How do hackers get in? Lots of times a hacker may compromise your system though social engineering and spear phishing, or perhaps email phishing. Maybe they are even getting in through zero days that are flaws baked into the software that you use. Whatever the attack vector that cybercrimes are being committed, there is no question that these cyber attacks are on the rise worldwide. Cyber insurance is a worthwhile type of insurance to consider for your business to help mitigate potentially dangerous situations.
Just how bad is the threat out there? According to recent statistics, by 2028 overall cyber security spending will hit $193 billion – a good rule of thumb for small businesses is to put between 5% to 20% of your IT budget toward stopping cyber attacks. Cyber insurance won’t stop cyber attacks or get your physical and intellectual property back, but can help toward the costs of business interruptions, payouts, and even legal fees.
It’s important to stay vigilant and it’s best to have a proactive stance toward cyber threats. Learn more about the benefits of having cyber insurance for your company in the infographic below: