Cybercrime is the fastest growing offense in the world. It’s predicted that cybercrime will cost victims over $6 trillion annually by 2021. This would make it more profitable than the global illegal drug trade. If you are a business owner, protecting your systems and your customers’ data is crucial. It’s not a matter of if–but when–you will be targeted.
Implementing proper safeguards, employee training, and device protection can help prevent a data breach. But even businesses that invest in cyber security are still vulnerable.
This is where cyber liability insurance helps. Cyber liability insurance can provide comprehensive coverage for:
- Loss of profits from a systems outage
- Data restoration and rectification
- Damages from losing customer data
- Costs for engaging with a PR firm to help restore your reputation
- Claims from leaked information
- Costs for providing a notice of breach
If you have comprehensive cyber liability insurance, you’re ahead of most business owners! However, chances are you think you have some type of policy but aren’t sure what it covers, or you don’t think you need it.
If this is you, consider this:
Any business that stores sensitive data needs cyber liability insurance.
Most businesses store sensitive information on devices—computers, phones, and tablets. Personally identifiable customer information like social security numbers, addresses, and birthdates are targets for criminals, as are financial data like credit card and bank account numbers. Your general liability insurance policy might have some type of basic coverage. But if you have customer information, you should have a dedicated cyber liability policy.
Small businesses need it the most.
While you hear of high-profile data breaches in the news, 43% of cyber-attacks target small businesses. As a small business owner, you don’t have a large budget to commit to IT staff, thereby increasing your vulnerability to an attack. Not only that, you don’t have the budget to deal with the fallout after an attack occurs!
Along with a prevention strategy, a dedicated cyber liability insurance policy is a no-brainer for today’s business owner.
Cyber breaches can cost you more than money.
A data breach is a big deal. A successful attack can cost your business a lot of money. A prolonged outage can mean lost revenue. Cyber liability insurance can provide coverage for loss of revenue from a systems outage that results from a cyber-attack.
Besides the financial loss, you may also experience reputational loss. Your customers trust you to protect their personal information. A cyber-attack can harm that trust and severely damage future business opportunities. Cyber liability insurance can help! A comprehensive policy can assist in paying for the costs of hiring a PR firm to help restore your reputation.
Take the next step.
Interested in learning how a cyber liability policy can help protect your business? Schedule a time to talk!