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CEO Viewpoint: Why SMBs Need Standalone Cyber Cover
It is well known that small and medium businesses (SMBs) face an ever-increasing risk of cyber attacks. Sixty-three percent of SMBs, surveyed in fall 2019—prior to COVID-19 lockdowns—reported they had experienced a cyber breach in the last 12 months, according to Ponemon (“The 2019 Global State of Cybersecurity in Small and Medium-Sized Businesses“).
Executive Summary
Now more than ever is the time to empower SMBs to better understand cyber threats and stay protected with the right cyber coverage, writes Sayata Labs CEO Asaf Lifshitz, who argues that the right coverage is delivered through standalone cyber policies. Here, he urges agents and brokers to do their part to educate insureds about cyber threats, the potential shortcomings of CGL coverage and the real solutions available to them today through standalone cyber insurance policies that come with support services like preventative planning and breach response.Executive SummaryNow more than ever is the time to empower SMBs to better understand cyber threats and stay protected with the right cyber coverage, writes Sayata Labs CEO Asaf Lifshitz, who argues that the right coverage is delivered through standalone cyber policies. Here, he urges agents and brokers to do their part to educate insureds about cyber threats, the potential shortcomings of CGL coverage and the real solutions available to them today through standalone cyber insurance policies that come with support services like preventative planning and breach response.
The damage from an attack can be a crippling blow to a small business. The average cost of a breach to an SMB is $175,000, to say nothing of the business interruption and potential harm to the company’s reputation (NetDiligence Cyber Claims Study: 2020 Report).
