It seems that we are constantly hearing about massive privacy breaches in corporations where large numbers of customers have their private information compromised. Hackers are getting better and better, and their exploits more widespread.

If you run a small business, you might think to yourself, “phew, glad that I don’t have to worry about that problem.” You might think that because of your size, you are not a target.

But in reality, that is not the case. Any business that collects personal information is sitting on value that can be exploited. And generally, since small-mid sized businesses don’t have the massive security infrastructure in place that their larger counter parts do, they face greater risk.

The Globe and Mail reported that in a research study they did, more than half of small to mid-sized businesses have experienced a data breach and nearly 3/4 could not restore their data.

So the next logical step as a business owner is to think of the steps you can take to secure your organization. Here are some resources that can help you out:

• From the Globe and Mail – Ten ways to prevent a data breach and protect your small business
• From the Business News Daily – Cybersecurity: A Small Business Guide
• From Forbes – Security Essentials For Small Businesses

How about business insurance?

Well, as with everything insurance, you do want to what you can to avoid making a claim. So taking the steps to ensure that your business is safe and secure is an important part of maintaining lower business insurance rates. Having the proper insurance coverage in place can help you deal with the aftermath of a cyber attack.

So if your business collects and handles important sensitive information, you must ask yourself whether cyber security is part of your insurance plan. Did you discuss this with your broker? Do you have the coverage you need to align with how your business operates? If you’re not sure, get on the phone with your current provider and do some research into the options you have.

If you’d like to talk through commercial insurance options for your organization, we’d love to hear from you! Contact us today . Just looking for a quote? We’re here for that too! Zip over to our business insurance page, fill in your details and we’ll get back to you.

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