A Cyber Liability Insurance Policy Helps Mitigate Your Losses
In many ways, technology has made businesses better. With computers and software programs, lines of communications are open in ways never dreamed of before. You can sit in your office in the states while negotiating a contract with a client in Japan. Collecting money from customers is faster and easier than ever. With a few clicks of the mouse, funds are transferred within seconds from anywhere in the world.
On the flip side, technology has also made businesses easy prey for criminals. For instance, with a $40 piece of equipment, a hacker can collect any unencrypted data transferred across an open WIFI connection. That data can translate into billions of dollars in damages. Regular business insurance policies will not help mitigate the PR nightmare you may have on your hands, or recover damaged laptops from malware. The knowledgeable professionals at the Business Insurance Center can assist your enterprise in obtaining the best cyber coverage for your needs.
4 Reasons to Invest in a Cyber Liability Insurance Policy
Cyber attacks are on the rise. Turn on your TV or read the newspaper, and you are likely to hear about some big brand name being the latest victim of a hacker. It’s easy to believe the misconception that just because you are a small to medium-sized business, you are safe from possible attacks. The reality is that many criminals are opportunists, and your company is the perfect prey for exploitation. Not all approaches to managing cyber risk are the same. Consider these reasons to invest in a cyber liability policy:
- More technology does not protect your system 100% of the time: Installing safeguards such as a firewall is only part of the answer. Criminals are continually outsmarting the antivirus on your computers. They can even buy simple, cheap equipment that will crash your expensive computer system.
- By the time you notice a breach, your hacker has been in the system a long time. On average, a hacker has been infiltrating your system for the better part of a year – nearly 205 days. Many times, the breach is not discovered until law enforcement alerts you.
- Your regular business policies will not fill the gaps. It would help if you initiated measures to lessen the opportunities that criminals have to take your company down. So, increasing security is critical; however, if a breach happens, you cannot rely on your general liability policy to fill in the gaps. It is best practice to have a specialized plan.
- A cyber hack can encompass the whole spectrum of potential losses – virtual and physical. It is easy to think that dealing with a virus or malware only happening to a computer. Physical damage can occur from equipment that runs on computers. Face it; nearly everything runs on one! The Internet is at work all the time. Imagine the damage to property and people from one cyber attack making a piece of equipment run amuck.
Stay in Business Longer and Stronger with the Right Insurance Policies
Cyber risk cannot be wholly eliminated, but it can be minimized. That is where the experienced brokers at the Business Insurance Center can help. We have the knowledge and resources to obtain the right policies for your company to ease the blow in the case of a cyber attack. For over 30 years, we have worked with and supported business owners, self-employed individuals, and entrepreneurs alike to protect your livelihood. Give us a call today and experience the difference.
Request a quote online or call (888)-585-0511 and speak with a knowledgeable and experienced broker at the Business Insurance Center. We have a 24/7 call center to serve you and an online Live Chat operator. We serve the entire United States.