Business Interruption Risk – Cyber Attacks

August 11, 2021 Blog

What would happen if your business was interrupted by a natural disaster, an unexpected power outage, a pandemic, or even a technological breakdown? Do you have the financial resources and plans in place to keep it afloat until things get back on track? One of the most rapidly growing ways business operations are being interrupted is by cyber attacks.

Business interruption insurance helps protect against such losses. BI coverage can provide protection for both income lost while operations are halted, as well as employees who may be out of work during that time period – providing some stability when everything else feels (and is) chaotic! This kind of policy aims at helping out with time off and extra payments during times where operations cannot continue. Business Insurance Center provides affordable, comprehensive insurance coverage against cyber attacks and the losses that may result from a business interruption due to a cyber attack.

How Do Cyber Attacks Cause Business Interruption?

As a business owner, does it surprise you to know that cyber attacks can lead to your company’s collapse or bankruptcy? In today’s age, digital data is highly important for many businesses and so are your investments! A recent study found that 80% percent believe they will experience some form of hacking event this year alone. These events could range from accessing personal information such as credit card numbers or social security digits, all the way up to stealing trade secrets like formulas, designs, software codes, etc. When this happens, things can fall apart very quickly.

One of the most effective ways to cripple a company’s operations is by infecting your website. You could have malware that corrupts your site through DDoS attacks (distributed denial of service) that render it inaccessible, or that impedes all inbound and outbound website traffic. Viruses or worms are also able to wreak havoc on networks through the deletion of critical information stored by businesses. Additionally, other businesses whose services you rely on could be the victim of an attack – which affects your business operations.

How Do I Prevent A Cyber Attack?

The dangers of hackers are real and we have to take steps in order to protect our assets. As cyber attacks become more prevalent in the business world, employers and employees will need to be more aware of their company’s digital security. cyber attacks business interruption insurance

Decrease business interruption due to a cyber attack with just a few, simple changes to your business plan. Educate employees about your cyber security policy and prevention strategies, limit employee access to data when possible, and implement strict password policies. Ensure your firewalls, software updates, and routers are current and secure. Formulate a cyber risk management plan and get complete coverage with a cyber liability insurance policy.

How Much Business Interruption Insurance Do I Need for Cyber Attacks?

The best cyber liability coverage picks up where your commercial general liability insurance plan stops. Sure, you can use a cyber business interruption calculator to determine how much cyber business interruption insurance costs or you can just call the experts at Business Insurance Center for assistance!

Regardless of which route you choose, make sure your cyber business interruption policy covers:

  • Ransomware, malicious data activity, and third-party cyber attacks
  • The costs related to data breaches or code loss (and the recovery of data)
  • Income lost during the interruption of operations
  • Loss of profits while inoperational
  • Expenses that continue during the interruption, despite a lack of operation (such as employee wages, property and equipment rentals, etc.)
  • Equipment and software that must be replaced

Best Business Interruption Insurance for Cyber Attacks

Business interruption insurance is the ubiquitous type of coverage for small and large businesses alike. Businesses that are at all susceptible to interruptions in business should strongly consider BI protection, as it can provide invaluable assistance after a disaster, other loss has occurred, or in the aftermath of a cyber attack. Making cyber business interruption claims can be costly and time-consuming, so it’s imperative to have complete coverage with a business interruption insurance company that will work with you to resolve your claim quickly.

At the Business Insurance Center, we aim to keep your financial future secure and your business fully covered for any unexpected events. With cyber attacks on the rise, it’s more important than ever to invest in a cyber business interruption insurance plan. We offer stand alone business interruption insurance and free business interruption insurance calculation with our agents. All it takes is a call or click to get a free cyber business interruption insurance quote. You’ll never regret covering your greatest assets with the Business Insurance Center!

coverage for cyber attack business interruption
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