Cyber

Why SMEs are Expanding Cyber Insurance Budgets

06.25.2020

During this time of uncertainty, industries are particularly vulnerable to cyber breaches. Last year alone, ransomware targets forfeited over $1.3 billion to hackers, including high-profile victims like hospitals, airlines and retailers. However, small businesses are becoming increasingly appealing in the eyes of cyber-criminals–specifically those linked to giant corporations.

Per Beazley PLC, insurance specialists, 60% of ransomeware attacks were succumbed by small and medium-sized enterprises. This means that in this current work-from-home climate with more employees operating from their desktop or mobile device, hackers can easily infiltrate to harvest any personal information poorly protected or not at all, including credit cards, social security numbers and email addresses.

Therefore, business leaders must invest in a greater cybersecurity plan and add as many layers of protection as needed to safeguard themselves against a swarm of malicious attacks.

Cyber Liability Insurance is critical for the prosperous financial future and well-being of your company. A single attack could be immensely devastating and nearly impossible to fight off on your own. Our ERISA bond packages, which include an ERISA Fidelity bondFiduciary Liability Insurance and Cyber Liability Insurance, can help protect your company and its employee benefit plan from catastrophic damages to your brand and its valuable assets. Contact us to learn more about our ERISA packages and cyber coverage.