Have you heard of cyber insurance?
Updated: Mar 19
Are you carrying a cyber liability insurance policy? Running a business is exciting, but it isn’t without it’s share of challenges. Providing a service or a product that meets the need of your market base instills a sense of accomplishment. As your brand and outreach grow, people come to depend on and trust you to meet their needs without sacrificing quality. What happens when a hacker sneaks in and threatens to undermine all your hard work? How do you protect not only your company but your customers as well without cyber liability insurance?
4 Reasons to Seek Cyber Risk Insurance
Losing the trust of your clients and customers is no laughing matter. You need to work with a trusted brokerage that will sit down with you, review your existing policies, and provide you with tailored options. Even if you are not sure you need this kind of coverage, consider these four reasons:
Data breaches and cyber-attacks have become more common. From Sony’s PlayStation breach in 2011 to more recent Target and Equifax debacles, criminals are getting bolder.
The size of the company does not matter. Even if you have fewer than 250 employees, you are at risk. Hackers are an equal opportunity invader of your business and IT systems.
All industries can be hit. It does not matter what type of business you are in. A data breach can happen anytime to anyone, including financial services, education, manufacturing, and professional services.
The cost of data breach recovery continues to climb. When you are attacked, you have not only a loss of data, but also a disruption to your activities, revenue loss, legal fees, and even public relations expenses.
Types of Cyber Risk Insurance to Protect Your Enterprise
It takes only one lost laptop, a malware virus, or even a lost paper record to put your company’s reputation on the line. As large businesses increase their IT security, many small- and medium-sized companies will become vulnerable to attack since they more often lack the security expertise to make needed changes. Protecting your company is paramount to your legacy. Here are a few areas of coverage available:
Hacksurance: Protection against cyber-attacks and hacking
Cyber theft and cyber fraud: Assists in instances where data is lost or destroyed due to a criminal or fraudulent event online
Computer data loss and restoration: Kicks in if a computer is stolen or damaged and data cannot be restored or retrieved.