Protecting the livelihood of your business is essential, especially in the digital world.
Every business, small or large, should recognize the importance of cyber liability insurance. Potential cyber attacks can threaten any business. A sure way to avoid the attack and lessen the impact is to train your employees to recognize and deal with these incidents.
The U.K. Government issued warnings to businesses to take action as the cost of cyber security breaches doubled. Across the pond, the average cost of severe online security breaches now starts at £1.46 million (approximately $2.13 million).
What Are the Risks?
Skilled hackers are now able to tap into devices within seconds, gaining instant access to sensitive data, emails, online bank accounts, employee records – the lot! If important information was to fall into the wrong hands, you could lose the business and trust of vendors, clients, guests, and your employees.
- System Recovery
- Notification Expenses
- Regulatory Fines
- Class Action Lawsuits
To protect your business from data breaches and the like, cyber liability insurance can step in should an incident occur. A policy covers several types of risk, including:
- Loss or corruption of data
- Business interruption
- Multiple types of liability
- Identity theft
- Cyber extortion
- Reputation recovery
With your cyber liability insurance at hand, your business can protect against any possible risks with daily practices to prevent attacks and lower risks. You may be able to limit your cyber liability risk by:
- Installing, maintaining, and updating security software and hardware
- Contracting with an IT security services vendor
- Using cloud computing services.
- Regularly backing up data at a secure offsite location