Small and medium-sized businesses (SMBs) typically perceive their cyber liability as less than that of huge publicly traded corporations.  After all, there is a continual stream of news accounts these days about hackers breaking into a big company’s network, stealing or revealing data to the public, and leaving the company’s reputation sullied.

Data breaches at SMBs, on the other hand, hardly ever make it on to the front page.  In fact, cyber events at SBMs are often unreported by the media entirely.  So it’s understandable how a small business owner can be left with the impression that his cyber liability is negligible.

But the truth is, SMBs get hacked too, and impact of a cyber breach on a SMB can be especially damaging because it has only limited resources to deal with the problem.  Furthermore, SMBs are structured differently than a big corporation, which can lead to more severe exposures.

For example, as Security Dark Reading points out, because the SMB has few employees, powers and responsibilities are concentrated into a small number of positions.  Thus, a rogue employee with wide access to the network could wreak havoc without much effort.  The likelihood of this scenario is heightened because SMBs don’t have the complex system of checks and balances and security measures in place typical of a large corporation.

Since key workers often hold the proverbial “keys to the kingdom,” it is worth taking the time to do a thorough screening of prospective employees before hiring them.  You can put the latest technology to work for your company’s network security, but if you have a dishonest employee with access to that network, all bets are off.

It’s estimated that as many as one-third of candidates lie about some aspect of their job application or resume, so a basic collection of background checks and fact verifications is an absolute necessity for the SMB to protect itself from deceitful job seekers.

Maybe you’re thinking that this could never happen at your business.  Hopefully you’re right.  But one study, cited by Art of Cyberdribble, reports that insider threats were second only to viruses as the cause of a cyber breach, and that insider threats were significantly more common than breaches caused by external hackers.

Has your business done a comprehensive job of checking out new hires to ensure they are trustworthy?  If not, do you have a plan to limit your potential cyber liability from insider threats?

Once you ponder those questions, start thinking about cyber liability insurance.  The truth is, there are multiple vectors from which threats originate, and no company, regardless of its size or technology budget, can completely escape the prospect of a cyber breach.

We at INSUREtrust have been cyber liability insurance experts for over 15 years, and every day we help large and small businesses obtain the right policies for their particular needs.

Internet insurance doesn’t have to be expensive, but it is money well spent. The premium cost for a cyber insurance policy can be as little as $1000 for a $1 million policy limit.

Over the past ten years, INSUREtrust has written more than $100 million in premiums and paid more than $30 million in claims. Insurers are looking for business and we can find competitive pricing and terms for almost any risk.