As an SMB owner, you might think cyber insurance is your secret weapon: pay the premium, get the coverage, and sleep soundly knowing you’re protected. But here’s the reality check: cyber insurance isn’t a magic shield. It’s more like a financial safety net with very specific rules about when it catches you and when it doesn’t.
Small and mid-sized businesses (SMBs) sometimes feel invisible in the cyber world—a blip too tiny for hackers to care about. But that belief, along with a handful of other common cybersecurity myths, can leave your business wide open to attacks you’re not expecting, aren’t prepared for, and likely can’t afford.
Small businesses aren’t just on cybercriminals’ radar – they’re in the crosshairs. According to recent cybersecurity reports, 43% of all cyberattacks specifically target small businesses, with ransomware becoming increasingly prevalent.
A single cyber incident can do lasting damage to your business operations, finances, and reputation. In fact, according to recent industry research, the average cost of a data breach for small and mid-sized businesses now exceeds $200,000—enough to put many companies out of business entirely.
In today’s online business world, cybersecurity threats are a significant concern for businesses of all sizes. A single cyber incident can lead to devastating financial and reputational consequences for small businesses. Developing a robust Incident Response Plan (IRP) is not just a technical safeguard but a critical business strategy.
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