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Small businesses may face greater risk of cybercrime

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A recent article in Financial Advisor magazine said smaller private companies may be at a greater risk of cybercrime than larger enterprises, according to an insurance professional.

The magazine referenced recent figures from Symantec, which found 73 percent of small- to middle-sized companies were victims of a cyber attack in 2010.

Another insurance professional told the magazine the most expensive forms of cybertheft are those caused by malicious code, denial of service, stolen devices and Web-based attacks, which all give hackers ample time to access the information they are seeking.

A recent ZDNet blog post also stressed that cybersecurity is a very important issue for small businesses.

Just one cyber attack has the potential to ruin a company's reputation. Potential customers who know a small business did not take the appropriate measures to ensure the security of its important information will most likely opt to take their business elsewhere, said the blog.

Because of the greater vulnerability that smaller firms have in regard to cybercrimes, the owners of these businesses must invest in professional liability insurance. Insurance is necessary for small businesses that don't want to be found liable for lost information after suffering an attack from a computer hacker.

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