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Data breaches can bring upon many costs unforeseen by SMBs

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For many small businesses, a security breach can often be the first in a long line of problems that can stem from a cyberattack. According to a recent article from CFO.com, small to midsize businesses must protect themselves from the ongoing costs associated with data loss.

“If you had a breach, you had to hire lawyers; maybe hire an IT consultant to figure out what went wrong and how to fix it," Steve Vallone, a broker at a wholesale insurance brokerage, told the website. "That’s a lot of work. Then you have to consider hiring a PR firm. What do you do? There’s a lot of uncertainty."

Many small business insurers now offer cyberliability insurance that can cover the above costs if firms are affected by a security breach. The website said these policies are necessary because all businesses are subject to these types of attacks.

The costs associated with data breaches can potentially devastate a business, and without the proper insurance policies, businesses can go down in flames. Even if a firm believes it is completely protected, it still should consider insurance policies.

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