Update Your Commercial Insurance to Cover COVID-19 Cybersecurity Threats

November 06, 2020 News

Cybersecurity Attacks Prompt Need for Cyber Liability Insurance

As more people work from home during the pandemic, cybersecurity threats have increased. Cybercriminals have used COVID-19 as an opportunity to increase the scope of their attacks not only on businesses but on remote employees connecting to business networks.

According to CNBC News, the problem has grown increasingly worrisome, especially for small businesses with limited resources. Here are a few highlights to consider:

  • The number of data breaches has intensified as cybercriminals target vulnerable connections, such as employees working on unsecured home networks or Wi-Fi.
  • Companies reported a three-fold increase in cyberattacks in the first quarter of 2020, according to a year-over-year study from iomart, a cloud computing company.
  • Ransomware, island hopping, and destructive attacks threaten customer and company data in these uncertain times.

Although many businesses are running lean amid pandemic recovery efforts, you might want to consider beefing up at least one area of your business insurance. The Business Insurance Center offers quotes on cyber liability insurance in as little as 30 seconds. Free penetration tests and up to $30 million in coverage make this expense one of the most cost-effective in the industry.

Contact the team to find out how you can safeguard your customers’ private data and avoid legal and regulatory issues that could shut down your business. We offer experienced professionals to help you assess your risk, shore up gaps in your cyber liability insurance policy, and gain protection in the event of a catastrophic cyberattack.

Types of Cybersecurity Liability Insurance to Protect Your Business

Choose a business insurance firm that understands the unique needs of your business. If you collect and store private information on your customers, you may become a target for cybercriminals. At the Business Insurance Center, we understand the risks businesses face across a wide array of industries. We work hard to tailor coverage that considers the kind of access clients and employees have to your networks and how to make your data more secure.

Common coverage in a cybersecurity liability insurance policy:

  1. Network security policies protect you against losses due to theft of intellectual property, destruction of data, equipment damage, loss of customer data, and cyber extortion.
  2. Privacy liability covers breaches such as unauthorized data collection and wrongful information disclosure due to human error.
  3. Cyber risk insurance covers first and third-party liabilities due to information exchange with your business partners such as suppliers and vendors.

Stay Protected from Cybercriminals During the Pandemic

By bolstering your commercial insurance with a cyber liability insurance policy, you can protect your customers and business throughout the pandemic and beyond. Talk with the knowledgeable insurance specialists at The Business Insurance Center to discuss how else you can strengthen your insurance coverage without breaking the bank.

Our insurance brokers and agents are available 24/7 via our live chat or call center channels. Get a no-obligation quote online or call us when it’s convenient for you. We can find cyber liability insurance and other commercial insurance policies to uniquely meet your needs.

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