Hi, this is Kim Swanson from Petschauer Insurance in Garden City. The coronavirus pandemic has triggered at an alarming increase in cyber attacks, targeting small businesses. The FBI is reporting as many as 4,000 cyber attack complaints per day, which represents a 400% increase since pre-coronavirus. Let me share with you a cyber claim scenario that has become all too familiar. One of your employees receives an email that appears to be from you asking them to review an attached document. They open the attachment and unbeknownst to them, a hacker has now infiltrated your company system, accessing both your data and your client’s personal data. Months go by before you realize what has happened and can respond.
Without cyber insurance, this can cause a devastating financial loss to your business. You will have to hire a forensics team to research, restore, and repair the data loss, as well as notify your clients of the data breach, and provide credit monitoring and crisis management to those affected. You may also be brought into a lawsuit by those whose personal data was exposed. Statistics show that over 60% of small businesses are forced to close their doors within six months of a cyber attack. Cyber liability insurance can provide coverage for those expenses, along with defense and settlement costs stemming from a lawsuit. It can also pay for public relations and advertising to help restore your firm’s reputation following a breach. Please call us today for more information on cyber liability insurance and how this valuable policy can protect you and your business. Thank you.
Call Petschauer Insurance at (516) 419 5050 if you have any questions at all!