For any business that handles customer payment information, personally identifiable information (PII), or critical operational data, the answer is generally yes.
Why it matters:
- The 2023 Verizon Data Breach Investigations Report shows the median cost of a small-business breach is roughly $46,000.
- Approximately 60% of small businesses close within 6 months of a major breach.
- A typical small-business cyber premium ($500–$2,500/year for $1M coverage) often pays for itself in a single incident.
Indicators you should consider cyber coverage:
- You accept credit card payments (PCI exposure).
- You store customer email, phone, address, or government ID data.
- You rely on a small set of business systems where downtime would interrupt revenue.
- You are subject to HIPAA, GLBA, or state data-breach notification laws.
RMO BizCyber starts at $35/month for foundational small-business coverage. Estimate your premium →