Countless businesses, government offices, and other institutions depend on vast quantities of electronic data for consistent functioning. A loss of data, for any reason, can be devastating, and may severely interrupt daily operations. Ensuring you carry adequate electronic data loss insurance is essential in functionally mitigating the effects of any data loss incident, as well as protecting your operation, personnel, and clients.
What Is Electronic Data Loss Insurance?
Electronic data loss insurance generally functions in two main ways. For one, it typically offers coverage for data lost during an extreme event (like a fire, flood, or other incident). Many traditional policies will only cover hardware loss, and not what is stored on the actual computers — which may be as integral to your operation as the hardware.
Insurance also may offer coverage for revenue losses or other significant interruptions in daily operations that result from an electronic data loss.
Why Is Electronic Data Loss Insurance Essential?
The increased digitization of workplaces means that workplaces are more vulnerable than ever, and that even a single incident of data loss can throw all of your operations into turmoil. This is particularly true with the increased threat of hackers and other cyberattacks.
An experienced insurer may be able to help you implement policies to protect your operations from manageable threats, while ensuring you are well protected if an incident does occur.