Is your business protected with cyber insurance?
In this day and age, information is easier to obtain than ever. While the free flow of information can be good in some ways, it can also be harmful to your business, since information is often as valuable as products and services themselves. There are a number of ways that your information can be exposed to individuals outside of your company. Everything that you print, copy or fax is saved to a hard drive. This means information such as employee records, medical data, financial documents and more can be retrieved from your machine if you are not careful. Cyber Insurance is an up and coming protection you can get added on to your policy to protect your company from any online attack.
What is cyber liability coverage?
Cyber liability coverage is insurance coverage for liability that arises out of unauthorized use of, or access to, electronic data or software within your network or business. These policies also provide coverage for liability claims for spreading a virus, computer theft, or any unintentional act, mistake, or error made by your employees while performing their job. Cyber liability is not included in a business package policy; it is usually tailored to fit a certain type of business’ needs.
Who needs cyber insurance?
The more business you transact online, the more likely you are to experience a serious, disabling breach. Clearly, for some businesses, like banks and hospitals, the consequences of these breaches are more serious and extensive than others. Still, if you have any kind of online business and you store any customer or employee data on a network, you should probably consider some level of protection.
It may come as a shock, but smaller businesses can endure more damaging consequences from data breaches than larger ones. In addition, there may be fewer employees to handle the after effect. While the premiums will take a bigger part out of your bottom line, they may also benefit you more.
Insurance has a key role to play as companies and individuals look to better manage and reduce their potential financial losses from social media and cyber risks in the future.
If you have any questions about getting Cyber Insurance added to your business policy or curious about getting more information about it the A.R. Davis Family is here to help! (440)264-2093