It is important for businesses to have insurance. Cybersecurity insurance is one type of insurance that is important to have. This type of insurance helps protect your business from cyberattacks.
We all know that we need insurance in our lives. Insurance protects us against bad things that might happen. Business owners need to protect their business against bad things too. They should have general liability and professional services insurance, but they also need to protect their customer data.
There are different types of insurance that can protect your business. For example, standard liability insurance can cover theft, damaged property, and natural disasters. However, if there is a digital incident, this will typically not be covered. A cybersecurity Insurance policy can cover digital exposures such as data breaches, ransomware, and if your business is down because of one.
A few benefits of most cybersecurity insurance plans are:
- Data breach coverage
- Business interruption loss reimbursement
- Cyber Extortion Defense
- Forensic Support
- Legal Support
- Coverage beyond a general liability policy
When a company’s IT systems are attacked, it can cause big problems. If the attack affects the company’s clients, then the company might have to pay for their insurance. This is on top of the company trying to fix its own systems. Having cybersecurity insurance can help cover these costs and get your business back on track.
After a cyber-attack, the company will need to investigate the incident to determine the breach’s extent. The company can appoint a third-party service to help with this investigation. This service can be part of the insurance agreement that the company has for cybersecurity. In some cases, forensic investigations can also be covered by cybersecurity insurance.
Consider your company and its assets. Your business needs to think about cyber insurance.
Cybercrime has been estimated to cost the global economy over 400 billion annually.
The truth is that in today’s business risk environment, cyber incidents are exponentially rising. As such, so are insurance premiums to cover these events. “Cybercrime has been estimated to cost the global economy over 400 billion annually”, according to an article from Infosec. With this rise in cybercrime and sophistication, businesses need a cybersecurity insurance policy. Consult with the experts to get cybersecurity insurance today. If you want a local referral contact our office. Don’t wait until it’s too late!
For questions on this and other security concerns, feel free to contact us for more information.