| 88% of Small Business Owners Feel Vulnerable to a Cyberattack |
| In recent years, there have been an increasing number of costly computer hacking attacks against large companies, but smaller companies face computer liability risks as well. A total of 88% of small business owners feel vulnerable to a cyberattack, according to a recent SBA survey. The risks of cyber liability are evolving rapidly, with new risks emerging as technology advances and new regulations are put in place. NIS considers the risk of cyber liability losses to exceed the risk of fraud or theft, but your business can take several steps to limit risks, including purchasing cyber liability insurance. Learn More |
| What Are Your Cyber Liability Risks? |
| If your business is the victim of cybercrime, recovery costs can be expensive, including specialized repairs and legal fees. You may be exposed to the following risks: Liability: For the costs incurred by customers and other third parties as a result of a cyber attack. System recovery: Repairing or replacing computer systems or lost data can result in significant costs. Notification expenses: In several states, you are required to notify customers if a data breach has occurred or is even just suspected. Regulatory fines: If a data breach results from your business’s failure to meet compliance requirements, you may incur substantial fines. Class action lawsuits: Large-scale data breaches have led to class action lawsuits filed on behalf of customers whose data and privacy were compromised. Learn More |
