Despite the rising level of data breaches around the world, many businesses are still not fully prepared to deal with the case of a cyber-attack. Now more than ever, it’s important to understand what cyber insurance really is, who it helps the most, and what kind of comprehensive plan is best aligned with your company’s individual risk profile.
Who needs cyber insurance – and most of all, how will it protect YOUR business?
- From doctor’s offices, to retail stores, to tech companies – if your business houses confidential information, a cyber policy will help pay for the expenses should client data get out.
- Ask yourself: If the internal systems go down at the office, would it stop people from being able to do their job? If so – you need a cyber policy. For example, during a recent Petya attack, malicious software spread through a large professional company and they couldn’t access their email for ten days. They missed out on income, lost clients, and were even forced to cover their own PR expenses to mitigate the issues. Just keep in mind, companies who rely heavily on computers and interconnected machines, people, or systems are more vulnerable than most.
- These days, most businesses have a website. Is your company one of them? In this case, a good cyber policy will provide liability coverage for website media risks – covering everything from your blog to digital infringement.
On top of all this, it’s important to remember that phishing scams, social engineering scams, and ransomware attacks are at an all-time high. The only way to protect yourself is to be prepared – and we’re here to help you find a policy that best fits your business’s needs.
Find a broker to learn more about how cyber insurance could help protect your business.