As we recognize National Cyber Security Month, it’s crucial for small and medium-sized businesses (SMBs) to consider the growing risks of cyber incidents. Despite common misconceptions, SMBs are not immune to these threats. In fact, cybercriminals increasingly target smaller businesses, seeing them as easier prey due to limited resources and cybersecurity measures.
Why SMBs Are Prime Targets for Cyber Attacks
In today’s digital landscape, cyber attacks on small businesses are becoming alarmingly common. According to industry reports, 45% of all cyber attacks target SMBs, and 82% of small businesses have experienced ransomware attacks. Even more troubling, 65% of SMBs close their doors within six months of a major cyber attack due to financial and operational disruption.
Given these staggering statistics, it’s clear that small and mid-sized businesses must take proactive steps to protect themselves. Cyber insurance is a crucial element of any effective risk management strategy and provides essential support in mitigating the aftermath of a cyber incident.
This partnership is here to support you, with a shared mission to protect businesses in today’s digital world. Your managed service provider offers tailored IT solutions to secure your networks with key baseline controls. And through our collaboration, you can save 30-45% on the critical protection that cyber insurance provides for your bottom line in the event of an incident
The Most Common Cyber Threats
Cyber threats come in many forms, but the top four causes of loss for SMBs in recent years include:
- Ransomware: Malicious software that locks your business out of critical systems until a ransom is paid.
- Business Email Compromise (BEC): Fraudulent schemes where cybercriminals impersonate a legitimate business email to trick employees into transferring funds or confidential information.
- Hackers: Cybercriminals who exploit vulnerabilities in your systems to steal data or disrupt operations.
- Wire Transfer Fraud: Tactics where attackers manipulate wire transfers to redirect funds to their own accounts.
Industries Most Affected by Cyber Attacks
Certain industries are particularly vulnerable to cyber threats. Over the past five years, the top sectors experiencing the highest number of claims include:
- Professional Services
- Healthcare
- Manufacturing
- Financial Services
- Retail
These sectors handle sensitive data, making them attractive targets for cybercriminals. Small businesses within these industries face increased exposure to cyber incidents, highlighting the need for robust cybersecurity measures and the added protection of cyber insurance.
Why Cyber Insurance Is Critical for SMBs
Cyber insurance is not just an optional safeguard—it is a critical part of your business’s defense against escalating cyber threats. Here’s how it can protect you:
- First-party coverage: Protects your business from direct financial losses following a breach, including costs related to business interruption, data recovery, and forensic investigations.
- Third-party coverage: Offers protection against claims made by clients or partners who may be impacted by a breach, covering legal fees, settlements, and other related costs.
- Cyber crime coverage: Provides protection against incidents like ransomware, phishing attacks, social engineering, and wire fraud.
Revolutionizing Cyber Insurance with SeedPod Cyber
In collaboration with SeedPod Cyber, your Managed Service Provider (MSP) has undergone a rigorous cybersecurity assessment to ensure strong security for both their operations and their clients. Our unique partnership allows us to offer SMBs comprehensive cyber insurance coverage that responds when it matters most—while providing savings of 30-45% on premiums.
By combining enhanced cybersecurity measures with tailored insurance solutions, we are helping businesses like yours stay protected from the evolving cyber threat landscape. With the rising risk and the challenges expected in 2025, now is the time to ensure your business is fully prepared.
Take Action Today
Are you ready to see how much you can save? Ask your managed service provider about the exclusive partnership benefits available to you, including complimentary policy reviews and receive a competitive quote through SeedPod Cyber today!
Let’s work together to strengthen your business’s defenses and secure your future against the growing cyber threats ahead.
The post Does My Business Really Need Cyber Insurance? Navigating Today’s Evolving Threat Landscape appeared first on SeedPod Cyber.
