For most small business owners, technology isn’t something you spend much time thinking about when it’s working.
You open your email. Check your schedule. Access a customer file. Pay a vendor. Send an invoice.
It’s simply part of the workday.
But those everyday conveniences mean that cybersecurity has also become part of running a business. October is Cybersecurity Awareness Month, making now a good time to look at a part of your business insurance you may not have considered: cyber insurance.
What is cyber insurance?
Cyber insurance is designed to help businesses respond to certain covered cyber incidents and data breaches.
Depending on the policy and circumstances, coverage may help with costs associated with investigating an incident, restoring data and systems, notifying affected individuals, managing the response and certain liability claims.
No two businesses are exactly alike, and neither are all cyber insurance policies. That’s why we believe the conversation should start with your business, not a coverage checklist.
Does a local small business really need to worry about cyber risk?
CISA advises that no business is too small to be a target.
But there’s another way to think about it.
Rather than focusing on whether your company could be targeted, consider how much you rely on technology to take care of your customers and run your business.
If you couldn’t access email, customer information, payment systems or other important technology tomorrow morning, what would you do?
Understanding the answer can help you identify where your business may be vulnerable.
Small steps can make a difference
You don’t need to become a cybersecurity expert.
CISA identifies four foundational actions: recognizing phishing scams, using strong passwords, enabling multifactor authentication and updating software.
It also offers additional resources specifically to help small and medium-sized businesses improve their cybersecurity practices.
Protection starts with understanding
Cyber insurance doesn’t take the place of strong cybersecurity practices, and good technology practices don’t eliminate the need to think about insurance. They address different parts of the same risk.
At Meredith Insurance Agency, we like to keep insurance personal. Tell us how your business works, the technology you depend on and what you’re concerned about. We’ll help you understand your existing coverage and talk through whether cyber insurance belongs in your business protection.