Despite the lurking threats, many small businesses still don’t have cyber insurance coverage, said Michael Carr, a certified information privacy professional (CIPP/US) and technology practice leader at Argo Group International, who has been involved with the industry for more than a decade. Carr recommends small business owners purchase cyber insurance for multiple reasons, mainly because it may not be covered by traditional insurance policies. He says the ever expanding industry now covers “any kind of liability arising out of network security perils,” as well as data restoration costs, business interruption, regulatory fines, ransomware demands and obligations to third-parties.
- Read the article: Fox Business
