Protect Your Massachusetts Small Business from Hackers with Cyber Liability Insurance
Data breaches are an issue that should be top of mind for all Massachusetts business owners, no matter how big or small your business is. As companies make changes necessary to keep up with the evolving world of digital business, new exposures arise. Identity theft is a very prominent issue right now for everyone. People are on high alert for cases of identity theft, and rightfully so. What does this have to do with your business? Aside from stealing your personal identity, these hackers and identity thieves are infiltrating businesses’ data management online systems, causing your company’s client information to be compromised.
Hackers are focusing on small and medium-sized businesses because they don’t have the means to protect themselves like a big box corporation might. Often larger companies have state of the art systems for protecting their clients’ data. This won’t always detour hackers, but it makes it much more difficult to crack the codes and barriers necessary for a data breach. This is the main reason that hackers have taken an interest in small and medium-sized businesses. These companies may not have a budget for a state of the art system, antivirus software, and IT staff working to fend off hackers. This can make smaller, less sophisticated, companies prime targets for hackers.
Reports are surfacing that the majority of the attacks are on small and medium-sized businesses, mostly because they haven’t properly protected themselves. According to Consumer Reports, more than 16 million households have fallen victim of identity theft, which has doubled in the last year (YIKES). More than half of these 16 million households that have fallen victim to hackers say that they were notified that their personal information had been compromised by either a company, government agency, or some other organization they had done business with.
With the shift by small and medium-sized businesses to digital technologies, this is a concern for a growing number of Massachusetts small businesses. Just when you think you’re one step ahead of the cyber criminals, they come up with a new version of a virus or malware to break through the security measures implemented. So as a business owner, what can you do to protect yourself?
The Bureau of Consumer Protection Business Center offers some guidance for your business. The National Cyber Security Alliance also offers small and medium-sized businesses a listing of resources to keep clients personal data safe in this ever changing cyber world.
Cyber liability insurance for Massachusetts small businesses is essential in today’s business environment. Ask your commercial insurance agent about cyber liability coverage for your MA small business today; you won’t want to be left paying these expenses out of pocket.
For more information about this topic, or to get some answers about your current insurance situation, please visit our virtual insurance agency at www.berryinsurance.com, stop by one of our two locations, or give us a call at (800) 941-3317.
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