‘Phishing’ and ‘ransomware’ are probably two words you’ve heard recently. Whether it’s from the news, training, hearing about attacks from other businesses, or being a victim of an attack yourself. The online world has developed significantly over the past few decades, and so have cyber criminals. COVID-19 opened a new technology window for working remotely. Many businesses are upgrading or investing in technology, and some business owners solely operate their businesses online. While new technology is amazing, it can leave your business vulnerable to attacks and data breaches. More businesses are investing in cyber security efforts to protect themselves such as training for employees and using a top antivirus provider. These measures can help but what else can you do to protect your business if it’s attacked?
Today, more business owners are purchasing Cyber Liability Insurance to protect their businesses.
A cyberattack, or data breach, can give away sensitive customer and employee information like social security numbers, credit card numbers, banking information, and more. Having your company’s private information released to the public or having its data destroyed is never something you hope for. Unfortunately, no business is too large or too small for an attack; about 55% of small businesses have experienced a data breach of some kind.
Cyberattacks can significantly impact a business. They can cause companies to lose data, customers, damage their reputation, and cost them thousands of dollars—sometimes millions.
By investing in cyber insurance, business owners can help themselves after an attack. Having the proper cyber insurance can cover legal fees and expenses, cyber extortion and crime, restore personal identities or affected customers, notify customers about a data breach, repair damaged computer systems, cover business interruptions, and recover compromised data.
Do I need cyber insurance? If your business collects credit cards or digital payments, uses computers or mobile devices, keeps medical or financial data, or stores confidential customer or client information, it’s recommended you get cyber liability insurance.
Insurance Network Agency can help find the right type and amount of cyber insurance to help secure your business before an attack happens.