The Small Business Fallacy – Why You Need Cybersecurity and Insurance More Than Ever

A common misconception of small business owners is that they can fly under the radar when it comes to ransomware, social engineering, and other cyberattacks. But it turns out that the opposite is true.  

According to Hiscox’s 2022 Cyber Readiness Report, cybercrime is disproportionately targeting small and medium businesses, with half of them experiencing a breach in the past year and 40% experiencing multiple. That’s bad! But even worse, six in ten small businesses that experience a cyberattack go out of business within one year.  

Ignoring this threat is simply not worth the risk. Businesses must keep up with current trends in both cybersecurity and cyber insurance to be as protected as possible.  

Apptega’s recent conversation with Robert Merva, owner and CEO of the security-focused managed services provider Avrem Technologies, and Mercy Komar, an insurance advisor and risk manager at L. Calvin Jones Insurance, provides insights into what is currently happening in the world of cybercrime and how businesses can best protect themselves. The following is a transcript of the conversation edited for clarity. This is the second part of a three-part conversation. If you missed part one, check it out here.  

Robert Hilson – VP, Apptega: As somebody who’s been in the insurance and cybersecurity spaces for more than 40 years, and has experienced rapid changes in both, what was most challenging in terms of staying up to speed on these fast-moving trends?  

Mercy Komar – Cyber Risk Manager, L. Calvin Jones Insurance: It was difficult for me. I had to take several courses, listen to other people, and do a lot of reading to get myself to the point where I understood what was going on. Since that point, I’ve been able to ..

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