We’ve all seen the news headlines on data security breaches at high profile corporations and retailers. Some of us may have even been directly affected by these crimes. According to Travelers 2015 Business Risk Index, cyber security has been identified as the second highest concern for business leaders in the past year. It was even addressed as topic during President Obama’s 2015 State of the Union.
Cybercrime and hacking are no longer just a threat to large corporations… What you’re not seeing in national news is the big issue that cyber security and data breaches have been for small-to-medium sized businesses. A whopping 60% of mid-sized businesses and 45% of small businesses now see cyber risk as a major threat. These statistics all point to one thing—companies small, medium and large—should all be looking for ways to safeguard their data and information from a potential intrusion. The answer is cyber and data breach liability insurance.
Cyber and data breach liability insurance protects your business from costs related to the damage or theft of information accessible through your website, network, or computer systems.
It protects your digital property—such as hardware, software, databases, and network systems—from accidental and malicious damage and destruction. The damages this protection covers may include not only the damaged or lost digital assets themselves, but also the time it takes for your business to recover from the damage or loss. Further, it can protect you from the costs of negative publicity related to a breach of your company’s cyber security measures.
Cyber and data breach liability insurance goes by several names—cyber risk insurance, cyber security insurance, and so on. Different insurance carriers that offer this coverage may include some aspects of it but not others, which adds to the multiplicity of names. If you want to take the proper steps to protect your business from cyber threats, contact me today.