Does your business deal with sensitive information like credit card numbers, tax identification numbers, personal banking information, etc.? If yes, it is important to insurance your firm against the cyber risk
of hackers, viruses and other data breaches. Both large and small companies must establish safeguards against this exposure to ensure financial stability in the event of a cyber threat.
The Costs of a Cyber Attack
As far as your business if concerned, the costs of a cyber attack go beyond leaked information. Your firm may have to pay for court fees, attorneys, PR services, fines and other penalties. While the incident can be the result of an unfortunate accident, your company will still foot the bill for a series of expenses. Cyber risk insurance gives you financial peace of mind in such situations
Many insurance companies offer tailored insurance plans and third party liability coverage. Even if you have hard-to-place risks, you can find an agency that will cover:
- Cyber hostages
- Reputational damages
- Notification costs
- Fines and penalties
Be sure to shop around and make sure your new agency can adequately cover your liabilities. With important information on the line, cyber risk insurance will help you rest easy and keep your company afloat in the event of a data breach.