Cyber Insurance and Your Business
Posted October 29, 2018 in Cyber insurance
In this day and age, more and more of your business is being conducted online. Whether it’s contact forms to generate new leads or processing online orders, your business depends on web traffic. While this can provide you with a more extensive and diverse client base than ever before, it can also leave you more vulnerable to attacks on your business and your clients. Cyber insurance is protection for the modern era, and it may be the coverage your business needs to secure itself.
Discuss your vulnerabilities and cyber insurance options with our specialists at Gallant Risk & Insurance Services, Inc. We can set you up with the right insurance. Call (951) 368-0700 or complete our online contact form to reach us today.
How Does Cyber Liability Insurance Help Your Business?
The point of cyber insurance is to limit the liability of your business and reduce your financial risk. Data breaches can release a variety of personal information, including the Social Security numbers, credit card numbers, bank account information and driver’s license numbers of you or your clients. A negative entity getting ahold of any of this information can result in a costly impact on your business.
Impact of a Data Breach
Legally, your company must inform its customers if there has been a breach of any company data, which includes their personal information. The cost of notifying customers of a data compromise, recovering stolen data, restoring personal information, fixing system damages and repairing your relationship with your customers can have a lasting impact on the function and profitability of your business.
- Reimbursement for Investigation: It can be costly to hire a third party to investigate the nature and severity of a data breach. Looking into the theft of your information may help you retrieve your money or lead to the prosecution of the individuals involved. Cyber insurance can help you cover these costs.
- Business Loss: A cyber attack can have a significant impact on the function of your business, which can result in a loss of clients and profits. These losses can be caused by network downtimes, data loss, or actual monetary losses.
- Lawsuits: Depending on the nature of the cyber breach, you and your business can become vulnerable to potential lawsuits or other, less legal types of extortion. Having insurance can help you cover the cost of legal settlements or ransomware.