As a business owner, here’s what you need to know about cyber attacks this year.
Every year, data breaches and cyber attacks cost American businesses millions of dollars. Despite what you may think, cyber criminals do not just target big corporations. In fact, small businesses are just as, if not more, likely to be targeted by hackers. So, what can you do to protect your business from a cyber attack? The best place to start is by learning more about cyber crime and how it can affect your company.
- Data Breaches are on the Rise
In the modern business world, it’s natural to rely heavily on digital devices connected to the internet. However, this increased connectivity translates into an increased risk of being hacked. Research has shown that there has already been a 40% increase in cyber attacks this year as compared to 2017.
- The Financial Losses are Serious
Another thing that you need to understand is that a data breach can cost your business significantly. As the result of a data breach or cyber attack, you will be responsible for the expenses associated with notifying your customers, recovering compromised data, repairing affected computer systems, and lawsuits filed by affected parties. While these expenses may only interrupt the business operations of a large corporation temporarily, they could drive a smaller company out of business permanently.
- Financial Losses Aren’t the Only Consequence
Finally, businesses that have experienced a data breach will also suffer from a tarnished reputation. This can result in lost contracts, customer dissatisfaction, and significant loss of revenue. Additionally, businesses that have suffered a cyber attack will also have to deal with competitors who will be happy to capitalize on the recent data breach to promote their own companies.
When you understand everything that is at risk, you can see why it’s so important to safeguard against the risk of a cyber attack. Want to get your business the protection it needs? Then make sure you have the right business insurance protections in place. To find the right policies to meet your needs, contact the experts at East End Insurance Agency. Our dedicated team is ready to get you the coverage that you need today.