The number of small and medium-sized businesses that go out of business within six months of a cyber-attack is as much as 60%, according to the National Cyber Security Alliance. Their research also found that over 70% of cyber attackers deliberately target small businesses, and almost half of small businesses have already experienced a cyber-attack.
Perhaps those facts are what lead Ginni Rometty, Chairperson, President and CEO of IBM to say, “…Cybercrime, by definition, is the greatest threat to every profession, every industry, every company in the world.”
Yet, in a recent survey of hundreds of small business owners across Canada, Small Business BC’s partner TruShield Insurance found that 77% don’t have cyber insurance.
If cyber attackers gain access to your computer or network, they could steal client, employee or financial data. What’s more, if your client’s private information was stolen during a data breach, they might not do business with you again, or worse – might launch a cyber lawsuit against you.
That’s why TruShield introduced a new Cyber Insurance Package which provides Small Business BC member businesses with 1st Party Cyber Coverage to a limit of $50,000 for all combined cyber risk occurrences.
When any Small Business BC member purchases a TruShield business insurance policy, they will receive the Cyber Insurance Package – a $100 per year value – at no extra cost. Coverage can help protect Small Business BC member businesses from the following expenses associated with computer hacks and data breaches:
- Incident response expenses: reasonable and necessary costs that may be incurred when reaching out to your clients whose private information was breached during a cyber-attack. This includes costs to procure one year of identity restoration and credit monitoring services for each of your valued clients whose information was compromised.
- Data recovery expenses: reasonable and necessary costs associated with the replacement or restoration of data that is lost due to a network security incident, such as a cyber-attack or breach.
- Business interruption coverage: covers any loss of income that results directly from an interruption to your services caused by a network security incident, because chances are you may not be able to return to your normal operations immediately following a cyber-attack.
- E-commerce extortion expenses: provides reimbursement for expenses that result from an e-commerce extortion threat for up to $5,000, because sometimes hackers will demand a ransom in order for you to regain control of your network or system.
Call Centre support is available to help respond to any inquiries your clients may have regarding your computer hack and data breach.
Get Protected at No Extra Cost Today
For complete details on TruShield’s Cyber Insurance Package call toll-free: 1.844.429.9485 or visit online: TruShield.ca/SBBC.
As the digital world continues to grow and evolve, the threat of cyber attacks and data breaches grows with it. The smaller your business is, the worse the implications of a loss from cybercrime. Small Business BC members, take this risk seriously and protect your small business with proper cyber insurance coverage. Protect yourself from being among the 60% that won’t survive a cyber-attack. Protect what you’re working so hard to build.