Here’s what business owners need to know about cyber-attacks this year.
Contrary to what you might think, every business, regardless of size, scope, and industry, is vulnerable to the risk of a data breach. In fact, American businesses lose millions of dollars every year as a result of cyber attacks. If you are a business owner, it’s natural to want to protect your business from this threat. But where should you start? The first thing you need to do is understand exactly what a data breach can do to your company.
Data Breach is More Common than Ever
In today’s current climate, businesses are more reliant on digital devices and internet connectivity than ever. However, this increased connectivity translates into an increased risk for cyber attack. According to research, rates of cyber attack have increased 40% as compared to 2017.
The Cost of a Data Breach is Significant
Another thing that you need to understand is that a data breach will cost your business a serious amount of money. In the event of a data breach, your company would be responsible for the costs associated with informing your customers, recovering compromised data, repairing affected computer systems, and so on. While larger corporations might have the resources to move past a data breach, these costs might drive smaller companies out of business completely.
There are Other Consequences
In addition to financial losses, companies that suffer a data breach also have to deal with a tarnished reputation. This can result in lost business opportunities, customer dissatisfaction, and lost revenue. Additionally, victimized businesses will have to deal with their competitors using the data breach as a way of promoting their own companies.
When you understand what’s at risk, its easy to see why you need to take precautions against a data breach. If you want to get your business the protection it needs, then one of the best things you can do is get the right business insurance to for your needs. To find the best policies for your company, contact the experts at Gant Insurance Agency in McKinney, Texas. Our dedicated team is ready to get you covered today.