Technology has provided significant advantages to business owners.
With a strategic content strategy, competent SEO work, and quality goods to offer, you can thrive.
One of the great dangers, though, is the cyber security threats that lurk around every corner. How is a small-to-medium-sized business owner supposed to stay on top of a rapidly evolving internet structure?
Preparing your goods and services is enough. But you also have employees to oversee. Perhaps a physical location to maintain. Products to protect. And ship.
You didn’t get into your business to worry about all the ins and outs of how best to ensure this dream.
Not Protecting Your Business With Cyber Insurance is Costly
Our partners at Attune provide this insight:
“Digital risk is everywhere and evolves minute by minute. Every wireless transaction, link clicked, and stolen device leaves your clients vulnerable to a cyber attack that can close their businesses permanently.
Today, cybercriminals are opportunistic, particularly when it comes to small and midsize organizations. The technology these organizations use is far more key to their risk than their industry.
According to Coalition’s 2022 Claims Report, small businesses saw a 40% increase in ransomware attacks and a 54% increase in funds transfer fraud incidents.”
One of the most crucial factors in building your brand is developing trust. Little erodes consumer confidence more quickly than cyber fraud.
If the hit is big enough, it could be fatal.
Consider the impact a cyber security breach would have on your customer acquisition cost. While that cost varies wildly among different industries, most can determine an average cost.
According to research done by First Pages, it can cost between $87 – $862 to acquire a new customer. Organically. Those prices essentially double for inorganic acquisitions.
If you encounter a cyber security issue, it will be far more challenging to acquire new customers organically.
Trust will be breached. Any social sharing is likely to be negative.
Cyber Security Provides Peace of Mind
If only rebuilding customer trust were at stake. Consider how Amy had to spend her Christmas a few years ago.
After years of working as a stylist, Amy decided to branch out independently. She opened a high-end salon in a desirable location in an emerging urban center.
Then she received the ransom warning.
Hackers stole all of her data – including client credit cards – and demanded that she pay a deep sum to keep the information secure.
She involved the authorities, but there was no resolution. She had to pay.
Money was the least of what that cost her. Stress, anxiety, and fear gripped her for months.
Research compiled by Coalition, Inc. demonstrates that “The average ransom demand made against our policyholders increased 20% in the latter half of 2021 and the claims severity increased 10%.”
Let Cyber Security Insurance Ensure Your Peace of Mind
You have too much good to offer this world to shrink back because of these threats. You can continue to build your brand into the force you know it can be.
Your business faces many obstacles and threats. You’ve made it this far. You can press on further.
Thankfully, you don’t need to leave yourself vulnerable. Your brand doesn’t need to navigate these waters alone.
JFA Insurance Brokerage and Associates, Inc. has been helping people like you stay focused on what you need to while we handle cyber threats.
Leaders of the Cyber Security Industry
One of the reasons we love working with Attune is their ability to partner effectively with other organizations.
In October 2021, Attune was acquired by Coalition, Inc. This allows all of Attune’s strengths to be amplified under the Coalition, Inc. umbrella.
Coalition Inc. has set itself apart from the cyber insurance industry by not only mitigating and transferring digital risk but they are also actively helping to solve it.
When an insurance company doesn’t only play defense for you but goes on the offensive to protect you, then you’re empowered to pursue your dreams and not be distracted by threats or bogged down by disaster.
What Cyber Security Solutions Do You Need?
Cyber liability insurance covers the costs of notification, identity protection solutions, public relations, legal, and liability. It also mitigates the risks of civil litigation.
Cyber liability is challenging and requires a holistic and multi-faceted approach, which we take.
- Quick response if/when a data breach occurs
- Legal compliance
- Network security
- Employee training
- Develop privacy and network policies and procedures
- Identify and manage company assets
- Incident response planning
We offer 24/7 access to data breach preparedness information, which outlines steps businesses can take to prevent cyber events.
Also, we help businesses manage cyber-related risks, and we help companies to take action if and when cyber events occur.
We’ll help you take adequate measures so that networks, records, and systems are protected, and also, in the event of a lawsuit, we’ll cover legal defense and liability expenses.
Cyber liability policies and plans can be purchased as part of business owners’ policies and general liability policies. They can also be purchased as standalone policies.
Cyber Insurance Designed With Your Business in Mind
Each business and owner has unique needs. We don’t craft policies with any unnecessary bloat. You have enough to worry about.
We’ll help you discover which kind of policy is right for you and create this policy for you. Regardless of the policy or plan you purchase, we’ll tailor this policy or plan to your specific data privacy and network security insurance needs.
We thoroughly assess clients’ needs through in-depth consultations, on-site inspections, and risk analyses. Once we know and understand your needs, we identify the right coverages. At the points that the right coverages are identified, we create the best possible solutions.
We regularly and closely monitor policies and plans that we write. This ensures that coverages are always current and your rates remain competitive.
We include clients in monitoring processes, enabling them to not only understand their purchases but also be aware of the need for changes to coverages.
JFA Insurance Brokerage and Associates Inc. is Here for You!
This is a lot to take in. Cyber threats. Business owners’ policies – and we didn’t even scratch the surface on inflation!
You don’t need to try to sort this out alone. We’re here. Just reach out. Our friendly experts will be happy to help you process your cyber insurance needs.
If you’re in a position to shop for an insurance plan actively, you can contact us and receive a free quote.
Don’t delay. Cyber thieves don’t take time off. JFA can ensure your peace of mind against cyber threats so you can stay focused on what matters most!