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Growing interest in cyber liability insurance

Small businesses are concerned about cyber crime for two reasons. First, their own businesses can be compromised by such events, possibly leading to financial losses and even temporary business shutdowns. Second, private information on their customers can be compromised, which can lead to, at worst, lawsuits by those customers, and,...

By William Atkinson | Updated on December 05, 2014
Cyber crime is an emerging threat to small businesses

Small businesses are concerned about cyber crime for two reasons. First, their own businesses can be compromised by such events, possibly leading to financial losses and even temporary business shutdowns. Second, private information on their customers can be compromised, which can lead to, at worst, lawsuits by those customers, and, at best, loss of business from those customers.

Ponemon Institute (www.ponemon.org) reported in its “2014 Cost of Data Breach: Global Analysis” report that 43 percent of firms in the U.S. had experienced a data breach in the past year. Retail breaches, in particular, had grown in size and virulence over the previous year.

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