Why Your Business Needs Cyber Liability Insurance
With all the modern technology nowadays every single industry uses computer technology. Cars have it, businesses, entertainment, gadgets at home and smartphones in our pockets. Most of these are connected to the internet and a lot of them carry sensitive information. That’s why business needs Cyber Liability Insurance the most. Therefore, they can protect their business and their clients.
Let dig a little bit deeper and observe. Need to book a last minute flight to Japan? You can do it in a few easy steps on your smartphone, tablet or laptop. Many of us benefit from the advancements in modern day technology. Think of all the things we can do on our personal computers and smartphones. You can research your new career, send a fresh box of roses to your significant other, pay all of your bills, file your taxes, research your DNA to trace your roots and explore your heritage. The possibilities are endless with the digital age. But it also opens the floor for many criminals to advance their hacking operations via the Internet.
As with anything in life, there are always pros and cons, but with the Internet becoming a pivotal factor in advancing small and large businesses alike, many will need to protect themselves from any data breaches that could jeopardize any business.
When Target was breached in 2013, many of their customers were violated and had to spend precious time on making sure they straightened out their financial situation. This breach made Target’s profits drop to 50% and not only that, the information of customers’ credit and debit cards were stolen. Reports have noted that Target spent over $252 million to overcome the breach.
Cyber Liability Insurance Program
For any business, there’s a strong case for financial ruin if there is a data breach. Because they can target their client’s personal and private information. To this day, many might still neglect the consequences of having a data breach within their system. But, for the business owners who are well informed, they realize that cyber liability insurance policies can give them a lot of relief regarding the threat of a cyber-attack on their business.
Cyber Liability insurance policies can protect small and large businesses from future breaches within their security systems
For Insurox Small Business Cyber Liability program, sponsored by Travelers, Cyber Liability First Essentials protects small businesses from a myriad of cyber security breach claims and lawsuits. Protection from online hacking and compromising confidential information such as social security numbers, credit and debit cards and health and medical information are outlined in this particular policy.
Larger businesses can choose from a host of options to protect their cyber infrastructures. Such as Travelers Cyber Risk coverage, which is a combination of coverage options to aid in protecting your business. From network and information security liability, communications and media liability and regulatory defense expenses, including fines and penalties coverage.
With cyber-crime protection methods helping companies go forward without hesitation. The insurance industry is heavily promoting the updates and improvements to their cyber liability policies.
The battle is on both sides, international and domestic attacks will be a threat to any business. And not to mention, more innovative insurance policies will protect large and small businesses as we venture into the future.
In today’s business world, companies will benefit from purchasing an insurance policy tailored to protecting their company from data breaches. This will protect your company, employees, and clients, so you can have a peace of mind. Securing a great relationship with your customers starts with the trust factor. And if a company is not secure in gaining trust, the business will suffer and profits will sink.
Even faced with cyber-attack Cyber Liability Insurance will protect your business
Some companies might have more exposure than others. Such as retail stores, health care providers, schools, public entities, charitable organizations, mortgage brokers, insurance agents, and restaurants. But, all businesses would be making a wise decision to purchase cyber-liability policies to ensure their information.
If you are unsure if your business would benefit from purchasing any type of cyber liability policies that the insurance companies we represent an offer, don’t hesitate to call us today and speak to an agent who can guide you through the range of options we offer for your particular business. Insurox is on your side to tailor a policy to your specific needs. We can definitely protect your business with our ready experts to do the job. Trust the Ox!