Do You Need Cyber Insurance?

Friday, June 9, 2017

Nowadays, even if you’re a small business, you probably need cyber insurance. The fact that over 40 percent of small businesses have been targeted in the last two years should be taken seriously. As most business, large and small, is increasingly reliant on the internet, playing it safe is just common sense. The unseen ‘bad guys’ are out there and they seem to be getting smarter by the day.

So what exactly is cyber insurance and what does it cover?

Basically cyber insurance covers your business in the case of a data breach that is related to sensitive customer information. That would include Social Security numbers, credit card numbers, driver’s license numbers, health insurance info, account details and such.

So exactly what does cyber insurance cover?

Cyber insurance covers legal fees and other expenses and it also assists in the following ways:

  • Customers are notified about a hack or breach
  • Personal identities of affected customers are restored
  • Compromised data is recovered
  • Damages to your computers and computer systems are repaired

Contact your independent insurance agent to find out more about cyber insurance. While it is still relatively new to the insurance industry, there are many fine products available to ensure better security for your business.

The National Cyber Security Alliance* advises that updated computer systems, strong passwords and a well trained staff are three important ways to avoid a security breach. In addition to your cyber insurance, think defensively when it comes to protecting your business and the security of your customers.

 

*https://staysafeonline.org/

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