Small businesses may not think they are at risk for cybercrime, but almost 72 percent of the 855 data breaches worldwide analyzed by Verizon’s forensic analysis unit were at companies with 100 employees or less. 1 However, a questionnaire by Travelers found that only 29 percent of small business owners surveyed were very confident that they had adequate coverage to protect their business against cyber liability. 2 To help small businesses protect against this rapidly growing risk and to meet the need for expanded coverage, Travelers is introducing CyberFirst Essentials® – Small Business. “This new coverage targeted exclusively to small businesses extends Travelers’ cyber insurance expertise to a critical driver of the economy. Small businesses may have exposures to sensitive information that can be compromised,” said Marc Schmittlein, Executive Vice President, Small Commercial. “Cyber threats are on the rise and our customers rely on Travelers for products that provide them with the depth of protection they need.” CyberFirst Essentials – Small Business offers insurance coverage to protect against some of the most common information security breaches including:
- Online hacking and data theft of confidential information such as credit card number, Social Security number, medical data, etc.
- Accidental loss or sharing of personally-identifiable information regardless of whether that information was from electronic data or from physical paper records.
- Verizon 2012 Data Breach Investigation Report
- The questionnaire was conducted on-site at the U.S. Chamber of Commerce’s annual America’s Small Business Summit held in Washington, D.C., from May 21-23, 2012, and is intended to represent the sentiments of approximately 300 small business owner attendees who participated in an in-person interview over three days