In the past few years, data breaches into small businesses by malicious hackers have climbed to an all-time high. According to data compiled by the Identity Theft Resource Center, at least 1,093 data breaches occurred in 2016, 40% more than the previous year. And this trend shows no sign of slowing down. In response to rampant cyber-attacks across the country, many small businesses have turned to data breach insurance, designed to financially protect and support victims of malicious hacking. If your system becomes infected by ransomware, the insurance can cover the cost and guide you through the process so you can mitigate damage and stress.
If your business creates and stores vast quantities of sensitive data — especially if that data is a vital asset to the company — you should at least consider protecting yourself with data breach insurance. When all else fails, it can mean the difference between shutting down for good and staying afloat in the midst of crisis.