Year over year the increased risk of cybercrime goes up. Companies of all sizes are at risk for a data breach, but there are still common myths surrounding whether mid-sized businesses need the added coverage of cyber liability policy from Financial Guaranty California. Unfortunately, these myths are easily debunked.
We’ve Got Insurance
Because there has been such a rise of cybercrime, many insurance providers have created a specific cyber liability policy. As the companies create new specific liability policies for cybercrime, they have begun to remove these coverages from other standard business policies. Your company could be held liable for the cybercrime without that added coverage.
We’re Too Small
Regardless of the size of the business, cybercrime still happens resulting in data breaches, lost hours and increased liabilities. Small and mid-sized businesses may not have the financial capital to recover from a data breach on their own. The results of cybercrime can be devastating for a business.
We Don’t Have Much Exposure
With nearly half of cyber crimes happening in small to mid-sized businesses, your business has plenty of exposure. An agent can go over the specific risks facing your business and guide you to the right coverage and pricing options to protect your data.
Insuring your mid-sized business with Financial Guaranty California allows your company to take advantage of a comprehensive insurance policy package including cyber liability. Cybercrime is on the rise is your business ready.