Courtesy of Associates of Glens Falls
By Christine Graf
With cyberattacks against small businesses on the rise in recent years, it is more important than ever for companies to have cyber liability insurance policies.
According to Verizon’s 2021 Data Breach Investigations Report, 46 percent of all cyber breaches impact businesses with fewer than 1,000 employees. In 2020, there were over 700,000 attacks against small businesses, resulting in $2.8 billion in damages.
“We’ve been dealing with cyber liability insurance for about 10 years, but it hasn’t been until the last five years that it has become more mainstream. Every business should have a general liability policy as well as a cyber liability policy,” said Jeremy Deason, a Chartered Property Casualty Underwriter (CPCU) and account executive at Associates of Glens Falls Insurance, an independently-owned insurance agency that writes policies throughout the United States.
When cyber liability was in its infancy, policies were purchased primarily by companies that accepted credit cards or other digital forms of payment. These policies cover credit card breaches as well as the costs associated with providing data monitoring to customers.
