In 2020, you’ll be hard-pressed to find a business of any size that doesn’t use technology on a daily basis for at least one main aspect of running their company. This is why cybersecurity has become such a huge issue in today’s business world. Not only is the threat of cyber attacks growing every year, but the potential impact of these attacks is also getting more serious as technology advances and a larger percentage of business dealings unfold in the digital world.
How difficult can it be for a business to overcome such an issue? According to a recent report, 60% of small and medium businesses close their doors six months after experiencing a cyber attack.
How is it possible that these types of attacks end up being so expensive? Because any business that stores or processes customer information has regulatory and contractual responsibilities to keep that data safe and secure.
How can your business protect itself? By purchasing cyber liability insurance. If your business experiences data loss, computer fraud, loss of transferred funds, data breaches, or cyber extortion, having the right cyber liability coverage can keep your business afloat by helping to pay for the manifold potential costs that come with experiencing a cyber attack, including notifying all affected customers/clients, paying civil damages, hiring computer forensics teams to determine the cause of the attack, and more.
Check out this infographic of some of the most vital cybersecurity statistics you need to be aware of in order to better understand why your business needs to take every step possible in 2020 to protect itself from the threat and potential damages associated with cyber attacks.