88% of small business owners fear cybersecurity threats to their businesses—and with good reason. The dramatic rise in cybercrime makes it hard to keep up with the various tactics in play, and small businesses are often without the resources for security enhancements and post-breach response efforts.
According to the U.S. Small Business Administration (SBA), business owners have good reason to be fearful about cybercrime:
Cyber-attacks are a growing threat for small businesses and the U.S. economy. According to the FBI’s Internet Crime Report, the cost of cybercrimes reached $2.7 billion in 2020 alone. Small businesses are attractive targets because they have information that cybercriminals want, and they typically lack the security infrastructure of larger businesses. According to a recent SBA survey, 88% of small business owners felt their business was vulnerable to a cyber-attack. Yet many businesses can’t afford professional IT solutions, have limited time to devote to cybersecurity, or they don’t know where to begin.
Given the inevitability of cyber threats, one important way small businesses can protect themselves is by having response plans In place. In the face of a cyber breach, having a response plan at the ready can prevent an incident from becoming a disaster. Every business can now easily afford and obtain cyber liability insurance. For an annual fee of $145, Colonial Surety’s coverage is specifically designed to arm all businesses—even the smallest of the small—with a “one-two” punch:
- A timely and expert-led response to data breaches
- Protection from lawsuits and regulatory actions related to the breach.
Armed with Colonial’s Cyber Liability Insurance, in the event of a cyber breach, your business will receive support at every stage of incident investigation and breach response. You’ll have experts helping you through the legally mandated steps required in a timely manner following a cyber breach. Legal services, computer experts, call center services, customer notifications, and more, are included to mitigate the damage to your business and customers in the event of a breach. Of course our Cyber Liability Insurance also indemnifies you for losses from covered lawsuits or regulatory actions related to the breach. Don’t go it alone: obtain cyber liability insurance now.
Tips from the Small Business Administration
The SBA urges businesses to be aware of the different kinds of cybercrimes impacting businesses and to keep their employees up to speed too. The government provides a variety of resources to assist in these efforts. Here are tips from the SBA:
Employees and emails are a leading cause of data breaches for small businesses because they are a direct path into your systems. Training employees on basic internet best practices can go a long way in preventing cyber-attacks. The Department of Homeland Security’s “Stop.Think. Connect” campaign offers training and other materials. Training topics to cover include:
- Spotting a phishing email
- Using good browsing practices
- Avoiding suspicious downloads
- Creating strong passwords
- Protecting sensitive customer and vendor information
- Maintaining good cyber hygiene
Company Sponsored Retirement Plan?
Employer sponsored 401k plans are proving to be an increasingly important way to attract and retain talent. Remember, however, that money and data make retirement accounts treasure troves for cyber criminals. That’s why ERISA law experts urge retirement plan sponsors to take the Department of Labor’s cybersecurity guidance very seriously. Cybersecurity oversights can also result in allegations of fiduciary failure against plan sponsors. That’s why Colonial Surety’s here to help with an affordable, new, Fiduciary with Cyber Liability Insurance Bundle. Armed with this coverage, if you face claims of alleged or actual breaches of duty in connection with the employee retirement plan, you’ll be covered for defense costs and penalty limits up to $1,000,000. Plus, uniquely with this bundle, in the event of a cyber breach, your business—and plan—will receive support at every stage of incident investigation and breach response, as well as coverage against lawsuits or regulatory actions related to the breach.
Colonial’s discounted insurance packages for small businesses are available online, in minutes.If you need to obtain or renew your DOL required ERISA bond, you can just add Fiduciary and Cyber Liability Insurance on right here now.
Already have your required ERISA bond? No problem— take advantage of our easy new Fiduciary-Cyber package right here: Fiduciary with Cyber Liability Insurance.
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