The new video, which is titled ‘Is Cyber Insurance Worth it?’ explains what cyber insurance covers and addresses the key reasons that businesses of all sizes should consider purchasing it to protect their company.
More details can be found at https://youtu.be/5L-zkRyHas0
The release of the video coincides with the latest figures on cybercrime in the US. According to Cybercrime Magazine, cybercrime now inflicts more than $6 trillion USD of damages annually, with this figure set to rise by 15% to $10.5 trillion by 2025.
Although many small businesses have often considered themselves immune to cyber-attacks or of less interest to the criminal syndicates and interests that operate online, the latest figures from Business News Daily paint a very different picture. Not only are small businesses now the target of 70% of cybercrimes–in part given their reputation for having more lax cyber-security–but the financial cost of these attacks is rising.
Business News Daily’s researchers suggest that the average cost to small businesses of an attack is $55,000. This includes the payment of professional services like IT specialists and lawyers needed to recover from an attack, the loss of potential business, downtime and the cost of safeguarding the business in the future.
Insurance Brokers of Arizona covers these essential risks in their advice video, adding the fact that 60% of small businesses go under following an attack.
In particular, their video is targeted to those business owners who run a company that deals with sensitive data, including personally identifiable information like dates of birth, credit card numbers, or social security numbers. The video articulates that, in the current climate of hackers, ransomware, and malicious software infections, it is very easy for a business’ sensitive data to become compromised.
As such, Insurance Brokers of Arizona suggests that businesses should work with a licensed and experienced cyber insurance agent who understands the exact nature of cyber risks and can correctly identify the coverage that a business needs to protect themselves from this threat.
Although many businesses believe they are covered by their general liability insurance, the insurer wants to stress that this is not the case, as almost all general policies exclude claims related to cyber incidents.
Insurance Brokers of Arizona was founded in 2005 and since that time they have been proudly protecting small businesses in Gilbert, Mesa, Chandler, Tempe and Scottsdale. In addition to cyber security, they assist businesses with business owner’s, workers’ compensation, professional liability and commercial auto and property insurance.
A spokesperson for the insurers said, “If your business deals with any sensitive information, you are at risk of a cyber security breach. It is important to speak with a certified cyber insurance agent who has the training and knowledge regarding cyber risks that can help you determine what coverages are most critical for your specific business.”
More information is available at https://insurancebrokersofaz.com
Insurance Brokers of Arizona
690 E Warner Rd