What Business Owners Need to Know About Cyber Attacks in 2018

Here’s what businesses need to know about cyber attacks and data breaches this year.What Business Owners Need to Know About Cyber Attacks in 2018

Despite what you might believe, every business, regardless of size or industry, is vulnerable to the risk of a cyber attack. In fact, American businesses lose millions every year as a result of data breaches. If you are a business owner, then it’s important that you understand just how serious this risk is. Here’s what you need to know about cyber attacks in 2018.

They are More Common Than Ever

In today’s world, businesses are more reliant on digital devices and internet connectivity than ever before. However, this increased connectivity translates into an increased risk for cyber attack. According to research, rates of cyber attack are already up 40%, as compared to 2017.

They are Expensive

Another thing that you need to understand is that the cost of a data breach is significant. In the event of a data breach, your company would be responsible for the costs associated with notifying your customers, recovering compromised data, repairing affected computer systems, and so on. While larger corporations might have the resources to handle these costs, smaller companies might be driven out of business by these serious expenses.

There are Other Consequences

In addition to financial losses, companies that suffer a data breach also have to deal with the effects of a tarnished reputation. This can result in a loss of business opportunities, customer dissatisfaction, and lost revenue. Additionally, affected businesses will also have to deal with their competitors using the recent data breach as a means of promoting their own companies.

When you understand everything that’s at risk, it’s easy to see why protecting your business against a cyber attack is so important.  If you want to safeguard your business against the risk that it faces, then make sure you have the proper business insurance protections in place.  To find the right policies to meet your business’s coverage needs, contact the experts at ISU-Wissink Insurance.  Our dedicated team is ready to get you covered today.