As the threat of cyberattacks continue to loom over corporations across the globe, small to midsized businesses are still sitting on the sidelines when it comes to purchasing cyber liability insurance policies despite the ominous warning signs.
The overall frequency of data breaches continues to rise according to a global analysis from IBM released in June. While it’s the large scale breaches, such as Sony, The Home Depot and Target that make headlines, hacks targeting smaller businesses are also growing in regularity.
Symantec’s 2016 Internet Security Threat Report revealed that 43 percent of phishing campaigns targeted small businesses in 2015, up from 34 percent in 2014. However, only 5 percent of small businesses recently surveyed by Endurance International Group indicated they carry a cyber liability insurance policy.
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