Computers are great, and chances are they play a fairly big role in helping you manage and run your business. While technology, in theory, makes life easier, it also opens up a bunch of new potential problems and threats. Data breaches and hacks can be catastrophic – we’ve all heard the horror stories. For businesses, a cyber attack can mean an interruption of business, lost revenue, and even litigation.
It’s not a pretty picture.
And while it’s tempting to believe that cybercriminals are only after big businesses that have huge profits, that’s not exactly reality. Cybercriminals are after small and medium businesses, too. That’s why it’s important to think about cyber liability insurance for your business. Cyber policies are tailored to your specific business, and they can protect you in a variety of ways. We’ll go over six ways that cyber insurance protects your business.
Cyber liability insurance can protect your business by:
1. Providing coverage for data breaches.
Data breaches can be absolutely devastating. What if someone broke into your computers and stole sensitive information about your clients? It would be a big mess. When there’s a data breach, the organization that was hit is required by law to notify the people who were affected.
In addition to that headache, you’re also going to have to deal with the costs of security fixes, identity theft protection for those affected by the breach, and protecting yourself from legal action. Cyber liability insurance can help you deal with the fallout from a data breach so that you can protect your finances.
2. Reimbursing you for losses resulting from a cyber-related interruption to business.
Well, a cyber attack might cause some major IT problems, and without IT you might not be able to run your business normally. Cyber liability insurance can help you cover the loss if income that you might face during the time that you’re out of commission due to the cyber attack. And if you have any increases in your business’s operating costs in the aftermath of the cyber attack, those might be covered, too.
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3. Protecting you in the event of cyber extortion.
There’s this thing called ransomware, and yes, it’s as scary as it sounds. Basically, it means that a hacker has gained access to a computer and they’re holding the device or important files hostage until they get a lot of money from the victim. In short, ransomware is bad. But cyber liability insurance can help you recover losses that are related to the cyber extortion.
4. Giving forensic support.
When there’s a cyber attack, you’re probably going to need some forensic backup and some expert advice. Cyber insurance can help you cover those costs. It can also help when it comes to the investigation of exactly what happened and how severe the situation is.
5. Providing legal help.
If you ever find yourself as the victim of a cyber attack, you might need legal assistance to help you clean up the mess and handle the fallout. A cyber liability insurance policy can help you get the legal assistance you need so that you don’t have to go it alone.
6. Giving you coverage beyond that which a general liability policy might offer.
General liability is a very crucial coverage when it comes to protecting your business. But a general liability policy doesn’t always provide protection for losses resulting from data breaches. Depending on your business, the data you lose might be worth more than physical assets. With cyber insurance, you can have peace of mind knowing that you have the right insurance to cover a variety of cyber threats. You’ll be able to protect your business on both a reputational and a financial level if you should ever fall prey to a data breach or ransomware incident.
So, those are six ways that cyber liability insurance can help protect your business in this age of technology and computers. Of course, you have to go over the policy carefully and ask questions to make sure you know exactly what is and isn’t covered by your specific policy. Make sure that you have the right coverage to protect yourself from the risks that you face.
If you’re wondering about getting quotes for cyber insurance, we can help. Our agents would be happy to talk to you about your risks, go over your insurance options, and get you some quotes for the cyber liability insurance that’s right for your business. To get started, you can either give us a call or fill out our online quote form today.