There are a thousand things to think about, every day, when you own your own business. There’s always another vendor to work with or payroll to manage or a tricky customer that needs your special attention.
That’s why Simpay exists – To take some of that workload off your shoulders and shift it to our team of subject matter experts, so you can get back to doing what you do best – Running your business.
Cyber security crime has been on the rise recently and it’s beginning to impact businesses on Main street, not just mega corporations. According to Business.com, the average cost of a data breach to small business can range from $120,000 to $1.24 million.
Fortunately, there are ways to protect your business from cyber criminals, like having secure networks and training your staff to look out for Phishing scams and fraudulent emails that infect your system and steal your data.
But even with all the safeguards in place, businesses are still at risk legally and financially. The good news is that commercial insurance carriers, like Simpay Insurance Solutions, are starting to make Cyber Insurance available.
What does cyber insurance Cover?
When most people think about data, they picture math equations and secret information. But when you think about it, data just means all the information you have about your customers, your employees, and all your accounts.
Many businesses keep really sensitive information online like phone numbers, social security numbers, bank account details, and their clients’ credit card and payment information. It’s exactly that kind of data that cyber criminals are looking for. If you store any sensitive customer or employee data, you should consider cyber liability coverage.
The most common cyber-attacks target your networks and either steal your information (data breaches) or force you to pay to get your information back (ransomware). They do this by gaining access to your passwords. Believe it or not, there are a lot of businesses still using “password” as their password.
If you’re not sure if you need cybers insurance, you can reach out to an insurance agent near you or chat with one of our insurance experts to see what your risk level is and determine if cyber insurance is right for your company.