Most businesses insure themselves against theft, so why do so many accounting firms neglect what could be the most important insurance for accountants: Cyber Insurance? Experts say that while most firms take cyber security very seriously, they are held back by four common misconceptions:
1. It takes a pro to breach my system
Practically anyone with minimal hacking experience can access the Dark Web where they can rent or purchase kits that make accessing your system a breeze.
2. I can keep them out with enough security
Unfortunately, an alarmingly large number of cyber security breaches are executed by disgruntled employees. No security system is 100 percent foolproof.
3. It won’t happen to me
Many firms believe they are too small to be of interest to hackers. Even a single accountant can be a treasure trove of social security numbers, bank account numbers and credit card numbers.
4. It costs too much
Is it worth your business? Without cyber insurance for accountants, that is what you are risking – your business. The U.S. Small Business Administration estimates that of all small businesses that are hacked, two-thirds go out of business within six months of the hacking.
The truth is that when it comes to insurance for accountants, you cant afford not to have cyber insurance coverage.