Why Cyber Liability Should Be on Every Business Owner’s Mind

Over the past several decades in particular, technological advances have made many people's lives easier. However, the advent of the internet and digital data storage has also created a source of headaches for some business owners, given the risks associated with storing sensitive or private information digitally. Hackers can and do break through firewalls to access this information, spurring many businesses to carefully evaluate their particular cyber liability exposure.

What Is Cyber Liability?

This particular kind of liability can take a number of forms, depending on the business. For example, a business providing health services may keep digital medical history files that could potentially be hacked. Stolen credit card numbers, loss of medical privacy and identity theft are just a few examples of what can happen when network security fails or is purposefully breached. These are high-stakes matters that can have a lasting impact on a business' reputation, as well as its relationship with its customers.

Protect Your Business

Once you know the risks your business faces as a result of the digital information it stores digitally that could be illegally accessed, you can begin to understand the real threat of these liabilities. Businesses can be protected against the cyber risks and liabilities by investing in proper Privacy and Network Security insurance. This coverage can account for and mitigate cyber liability, allowing a business to focus on the work at hand without worrying about the risks of network security failure.

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