May 27, 2020

The Importance Of Cyber Liability Insurance

If you are a business owner, then you need cyber liability insurance. The further we get into the 21st century, the larger technology and the internet get. As the internet grows, so does the amount of people who abuse it. Cyber liability insurance protect businesses after their data was stolen or transmitted, the work of a third-party client’s data was lost, and other damages caused by the cyberattack.

Often times, small business believe they are not capable of being hacked. However, many small businesses are at risk. The loss of data can cause significant damage to your business, which could leave you in a financial crisis. Let our agent find the right cyber liability policy for your business.

The Truth About Cyberattacks

A common myth about commercial liability insurance has it includes cyber liability insurance, but that is not the case. Cyber liability insurance is a separate policy and should be considered by all businesses for the following reasons.

The Importance Of Cyber Liability Insurance

Cybersecurity cannot always protect your business.

  • A majority of cyberattacks target businesses with fewer than 250 employees
  • 43% of cyberattacks are on small businesses
  • 60% of those businesses shut down six months after the breach
  • 75% of cyberattacks are random
  • $221 is the average cost of each lost or stolen record
  • The average cost of a data breach for a small business is $36,000 to more than $50,000

As you can see, a cyberattack could be imminent and completely random. If you fall victim to a cyberattack, then it could be detrimental to your business’s health. Do not fall victim to a random cyberattack. Contact Texas Insurance Agency in order to find the right policy for you.

Do Not Fall Victim to a Cyberattack

Cyber liability insurance is easily obtainable when you contact Texas Insurance Agency. We work closely with more than 20 different insurance companies. With so many different providers, we are able to offer you the best prices when it comes to an insurance policy.

Your business does not have to suffer from a lack of coverage. Instead, it should thrive with cyber liability insurance. Contact our agents today by calling (281) 398-1010. You can also view what other commercial insurance policies we can provide on our website.

Our Partners

We are pleased to partner with these companies to bring you the best coverage at the lowest rates available.