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Contrary to their beliefs, small business owners can be subject to a data breach

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Data breaches are a reality for businesses of all size, especially small businesses, even if they don't think they are subject to them. Recent research from an insurance firm found 85 percent of small business owners believe they won't be targeted by a cybercriminal. 

"Most of the business owners surveyed believe they are not at risk, when in fact smaller businesses are increasingly being targeted," said Lynn LaGram, assistant vice president of small commercial underwriting at an insurance company. "As cybercriminals set their sights on smaller firms, it is important for business owners to take proactive measures to protect data and minimize the likelihood of a breach."

Data breaches have the potential to destroy the customer base for small businesses. According to the survey, 61 percent of respondents believe the loss of sensitive information could jeopardize their relationship with customers, while 38 percent said they associate a negative feelings with companies that have suffered from a breach.

Small businesses owners may not think they need to budget for protection against data breaches, but figures show that it is monetarily beneficial to protect their data. Business owners need to invest in cyber liability insurance policies that can protect against the loss of critical information.

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