(See how we did that … in the title?)
You could be a Target. Or an Anthem. Or an Uber. Or a Netflix. Or an Equifax. Or any one of the other thousands of companies that have been exposed to cyber risks and affected by hacks and breaches lately. The big names make the news, but that doesn’t mean smaller companies aren’t a target, too.
In fact, smaller companies pose much bigger opportunities for hackers.
Consider this finding: according to the Verizon Data Breach Investigation Report, 61% of breaches hit smaller businesses in 2017, up from the previous year's 53%.
This was astonishing to us and spurred us to action! We have the technology to protect our customers and fellow small businesses and now we’re creating products to do just that.
We recently announced a partnership with XL Catlin to roll out a Cyber Insurance product designed for small to medium sized businesses (SMBs). While we are busy putting the finishing touches on the product, we think it would be best for you to start getting your ducks in a row. Start that by downloading our handbook, “Small Business Cyber Attacks, Data Breaches, and Other Digital Nightmares: Your Guide To Sleeping Soundly”.
If that doesn’t make the little hairs on the back of your neck stand up or give you minor heart palpitations, perhaps these stats will make you think twice—and take action to protect your data, and the future of your company.
- Almost two-thirds of all cyberattacks are now directed at small businesses.
- Cyber attacks cost small businesses between $84,000 and $148,000 (per attack).
- 60% of small businesses go out of business within six months of an attack.
- 60% of small businesses say attacks are becoming more severe and more sophisticated.
- By 2021, it’s predicted that cybercrime will cost the world $6 trillion annually. (Double the $3 trillion it cost in 2015.)
- In Q3 of 2017 alone, 79% of all U.S. companies faced a cyber attack.
Sorry to be the bearer of bad news, but the question isn’t IF you will get attacked, it’s WHEN. Get educated. Get protected. Get insurance. So when the inevitable happens, you don’t lose everything.