Cyber Liability Insurance is essential to any business, small or large. Because every business uses technology to handle sensitive data like social security numbers, credit card numbers, client information, and bank accounts, protecting your business against the loss that could occur if this data were to be stolen is critical to keeping your business afloat in a time of need. It is all too common now since over 55% of businesses have had data breaches, make sure you understand the benefits of Cyber Insurance.
What does cyber insurance cover?
Losing or having data stolen isn’t just a black mark on your business’ reputation, it costs a business capital to fix. Cyber Insurance will help you recover from a data breach by;
- Covering legal fees and expenses
- Helping customers or clients that have been affected
- Recovering data that was lost or stolen
- Fixing computer systems or reinstating software
What does a data breach cost?
In the past 10 years, there have been many cautionary tales with big name businesses that didn’t have the proper coverage for the catastrophic damage hackers have caused. HPE has found that the average cost of a Ransomware attack costs a business $156,900! A business never plans for a cyber-attack but with the rate of attacks increasing, it’s proving to be a very costly mistake. In the past year there has been an increase in attacks that have cost businesses quite a bit of money;
- Anthem – $115 million
- Equifax – $1 billion or more
- Maersk – $300 million
- Modelez International – $150 million
How can I prevent a cyber attack?
Businesses can be proactive by monitoring their IT infrastructure closely as well as having a fallback plan – cyber insurance. Even large businesses, like the ones listed above, with extensive IT departments, are susceptible to breaches and the damages that comes with them. Ensuring all patches have been updated, all passwords are secure and hard to break, as well as using a private network or cloud, will help keep your business safe.
There is no sure-fire way to keep your business safe, but with proper cyber insurance coverage, you will be prepared for any cyber-attacks that may come your way. Contact us today to see how we can protect your business against this growing threat.