Why your business needs cyber liability insurance
Today’s business environment is ruled by computers and easy access smart phones, which enable companies to use the Internet as a source of brand development as well as a tool to target potential clients from all around the world.
If we need to find a restaurant, access to all restaurants in the area are right in the palm of your hand. Need to book a last minute flight to Japan? You can do it in a few easy steps on your smart phone, CPU, tablet or laptop.
Many of us benefit from the advancements of modern day technology. Think of all the things we can do on our personal computers and smart phones. 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. Not only were the customers’ credit and debit card information stolen, the breach actually propelled Target’s profits to drop 50% around the same time the next year. Reports have noted that Target spent over $252 million to overcome the breach.
Cyber Liability Program
For any business, there is a strong case for financial ruin if there is a data breach targeting 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 infrastructure, 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 of the field though, international attacks and domestic attacks will be a threat to any business network 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, most companies will benefit from the purchase of an insurance policy tailored to protecting their company from data breaches. Not only will it give you peace of mind, it will ensure that your company, employees and clients are protected from any cyber-crimes that can potentially ruin a business. Securing a great rapport 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.
Cyber liability insurance will give any business an edge with securing their business structure, even if they are faced with a cyber-attack.
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 and their clients’ information is protected from any potential data breaches.
If you are unsure if your business would benefit from purchasing any type of cyber liability policies that the insurance companies we represent 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 have experts ready to get you on the right track and make sure your business is protected from all risks. Trust the Ox!