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The Importance of Having Cybersecurity Protection

3 Minute
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The importance of having cybersecurity protection

The majority of businesses have insurance for their offices, company vehicles and other aspects of their business. Although this gives protection, most businesses overlook protecting their most valuable asset: their data. Hackers target businesses for their data, and a cybersecurity protection plan can help to protect the business in the event of a data breach.

It's a very well-known statistic that the average small business closes within 6 months of having a data breach. This is because the data breach can do a lot of damage to the company including brand damage, financial loss and data loss. Without a protection plan, businesses are 100% liable for any data theft or loss that can occur. This is why it's necessary for most businesses to have some sort of cybersecurity protection.

Benefits of having cyber protection

A cyber protection plan provides you with many benefits that can help your business prevent and bounce back from a data breach incident. Some of the benefits of having cyber protection include:

Covers the cost of forensic investigation: An investigation into what happened is the first thing that takes place after a breach. Data experts and engineers can be extremely expensive and cyber protection covers the cost of the investigation.

Offers liability protection for damages caused by a data breach: There can be a host of liability issues post-breach. Your cyber protection provider will help to protect the business from any lawsuits or damages that may be filed as a result of the data breach. This can help shield your business from many liabilities.

Can help to rebuild your business after a data breach occurs: Your cyber protection provider can also provide you with resources and assistance to help rebuild your business after a data breach. This can include credit monitoring for employees and customers, consultations with attorneys and public relations experts, and more.

What happens if your business is not protected?

If your business is not protected by a cybersecurity plan, you are 100% liable for any data theft or loss that can occur. This means that you are responsible for the cost of the forensic investigation, any damages caused by the data breach and any legal fees. You will also have to rebuild your business from scratch after a data breach occurs.

This is unfeasible for the average small to medium-sized business. With data breaches costing tons of thousands if not hundreds of thousands of dollars, the average business will have to close their doors permanently in the event of a breach.

All businesses should have some type of cybersecurity protection plan in place. Not only is it necessary to protect the business from data theft, but it's also important to protect the customers. By having a cybersecurity protection plan, businesses can help to keep their customers' data safe and secure.

To learn more about how you can protect your business from breaches, explore our cybersecurity offerings here.

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