Beyond Basic Business Insurance: Your Need for Cyber Risk Mitigation

Small businesses today often face more risk than businesses from ten or more years ago. The way you do business is different as well. You may now be selling your services or products online. You may even have a global customer base.

Even if you are a small business operating locally, a basic business insurance plan may not be enough financial protection for your needs. For example, cyber risk is a growing threat to all companies today. Basic BOPs may not have coverage for cyber threats.

What Are Cyber Threats?

The term cyber threat can apply to a variety of situations. In general, it implies that various internet threats pose some risk to your business, your employees, or your customers. There are many ways your business is at risk from these types of risks.

• You conduct business online.
• Your business uses electronic fund transfers or credit card payments.
• Your business interacts with customers online.
• You have your company’s payroll, customer sales, or other information in a cloud.
• You use computer systems to link your businesses from multiple locations.

These are just a few of the ways cyber risks can impact any business. But, what are those risks and what can you do to protect against them?

Exploring Cyber Risks

Every business owner needs to take steps to reduce any threat to their organization. Business insurance is there to support the financial losses as they relate to this type of risk. However, you also have to take steps to have security systems in place to minimize risk. And, you will need to keep these updated.

Cyber risks include things like exposing your customers’ or your employees’ data to threats. It may include exposure of your company’s top-secret business plan or product information. From financial information to social security numbers, the risks are many.

Work with your business insurance provider to ensure you have coverage from this type of high-risk event. Be sure your customers and employees understand what steps you are taking to protect them. Having the highest level of security in place to prevent attacks is important. There is no small business today that is fully protected from all types of cyber-related threats. Yet, with the right security and business insurance to back up any events, you do not have to worry.

We have you covered. Call us at 914.273.8511 to get a New York business insurance quote.