From the latest in fashion to novelty mugs to furniture, one thing that your Shopify store has in common with every other seller using the Shopify merchant platform is that you’re an e-commerce business that operates mainly in cyberspace. This means that no matter what products are available in your store, you’re processing transactions online, keeping customer records that contain sensitive, personally identifiable information on your computer(s) and you rely on your site being operational 24/7.
So in other words, because all Shopify retailers face some of the same risks, everyone with a Shopify business platform can benefit from the protection and peace of mind you get with Shopify cyber insurance.
I just have a small Shopify store. Do I really need Shopify Cyber Insurance?
We’re constantly hearing about cyber breaches of the world’s securest systems including those of Microsoft, Alibaba, and even Shopify itself. What doesn’t make the news is the small and medium-sized businesses that suffer cyberattacks and that the costs of those attacks to Canadian businesses total billions of dollars every year.
Even if your Shopify business is only a side hustle, cybercriminals may not know or care if that’s the case. All Ecommerce business sites are targets for:
- SQL injections that can be uploaded into fields used to create an account on your site and that can send all the data in your records to a hacker who can use the information or sell it to be used by identity thieves.
- Ransomware and distributed denial of service (DDoS) attacks that hold your site hostage causing you to not only lose sales but customer confidence as well.
How safe would you feel returning to a site and entering your personal and credit card information if that merchant platform had suffered from one of the above or another type of cyber attack? Worse, your Shopify business is legally liable for the protection of sensitive information on your systems. That means if there is a breach incident on your site, you have a duty to notify everyone affected and if they are the victim of identity theft, you could be on the hook for their losses.
How Can Shopify Cyber Insurance Protect me?
Shopify cyber commercial insurance is Cyber Liability Insurance specifically written for each individual Shopify retailer. With the commercial insurance specialists at ALIGNED advocating on your behalf, you’ll only pay for the protection your Shopify business needs. Some of those protections can include:
- Income lost during an attack
- Costs to repair or replace data and systems
- Notification costs and data and credit monitoring
- Ransomware and other extortion costs
Those are just a few of the commercial insurance coverages that come with a Shopify cyber insurance policy. Your business also benefits from a crisis management team of computer and legal experts who will make sure you’re protected and get your site back up ASAP.
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