Post by prantogomes141 on Feb 14, 2024 11:09:10 GMT 1
Cyber extortion has a huge impact on businesses and, in some cases, the general public. The Colonial Pipeline hack caused concern over possible gasoline shortages throughout the southern and eastern U.S., and then gas prices rose as the industry sought to deal with demand. Colonial Pipeline paid the ransom in part because it could not estimate how long it would take to identify and remediate its systems on its own. For a small business, the impact of cyber extortion is significant. A report from Kaspersky indicates that the average cost of a data breach is upward of $105,000 for small businesses. If this incident involves extortion, you could pay another $1,500 to $50,000 in ransom fees.
Plus, there is the cost of business operations being affected while your system is nonoperational and the reputation hit your company may face if the attack fosters the perception that your organization cannot be trusted. Customers may decide to take their business elsewhere. All in all, the actual cost of recovering from a Qatar Telemarketing Data cybersecurity incident ranges from $826 to $653,587, according to Verizon. That is money most small business owners simply don’t have to spare. If a business can’t handle the cost of a cyberattack, it may be forced to shut down permanently. How cyber liability insurance can help One way to protect your small business is to purchase cyber insurance, which is separate from general liability insurance. This type of business insurance will pay for the costs associated with restoring your system after a cyberattack.
Coverage includes mitigation services to try working with backups and restore operations as soon as possible. Your insurer will also negotiate with the cyberattackers and pay for ransoms up to the policy limits. Although you can’t prevent every attack, cyber liability insurance minimizes the impact of cyber extortion on your business’s bottom line. How to prevent cyber extortion Because every small business is at risk of cyber extortion and most can’t afford to pay a ransom, owners should do everything possible to prevent a data breach. We recommend following these tips to help manage your cybersecurity risk: Maintain systems’ health. Make sure you have an effective firewall, and update your operating systems and software regularly.
Plus, there is the cost of business operations being affected while your system is nonoperational and the reputation hit your company may face if the attack fosters the perception that your organization cannot be trusted. Customers may decide to take their business elsewhere. All in all, the actual cost of recovering from a Qatar Telemarketing Data cybersecurity incident ranges from $826 to $653,587, according to Verizon. That is money most small business owners simply don’t have to spare. If a business can’t handle the cost of a cyberattack, it may be forced to shut down permanently. How cyber liability insurance can help One way to protect your small business is to purchase cyber insurance, which is separate from general liability insurance. This type of business insurance will pay for the costs associated with restoring your system after a cyberattack.
Coverage includes mitigation services to try working with backups and restore operations as soon as possible. Your insurer will also negotiate with the cyberattackers and pay for ransoms up to the policy limits. Although you can’t prevent every attack, cyber liability insurance minimizes the impact of cyber extortion on your business’s bottom line. How to prevent cyber extortion Because every small business is at risk of cyber extortion and most can’t afford to pay a ransom, owners should do everything possible to prevent a data breach. We recommend following these tips to help manage your cybersecurity risk: Maintain systems’ health. Make sure you have an effective firewall, and update your operating systems and software regularly.