March 24, 2022

What is Cyber Insurance?

Just like any other aspect of your business liability insurance, cybersecurity insurance is a barrier to protection in case of an attack.

Cyber Insurance

As the frequency of cyberattacks rises, businesses are vulnerable to phishing scams, ransomware, data breaches, and more. Even large corporations who take precautions can fall victim to successful attacks. Cyber insurance can be an extra benefit to keep your business safe.

What Does Cyber Insurance Do?

One destructive cyberattack can devastate a business financially, even to the point where they must close their doors. If your employees or clients have their personal information compromised, legal fees and other expenses can add up.

Standard business liability insurance covers your physical business – personal injury or loss of property. But it doesn’t protect anything intangible like cloud storage. Weighing the costs and benefits of cyber insurance can help you plan for any potential disaster and consider the outcomes.

Does Your Business Need Cyber Insurance?

Following guidelines and protocols for security set out by your organization can go a long way in protecting your data. Still, depending on the type of business you own and what kind of data you store, cyber insurance can be a huge asset.

Cyber insurance can assist you in retrieving and restoring compromised data, repairing damaged systems, notifying clients about breaches, as well as covering legal fees or a forensic investigation.

Bottom Line

Whether you choose to get cyber insurance or not, you always need to be aware of the weak spots where a cybercriminal could attack. With remote work becoming permanent in many companies, security threats are heightened, and businesses are more vulnerable. Even if employees are in office, you should be diligent with protecting your data.

Our team can help you determine what your vulnerabilities are and help protect your data from an attack before it happens.

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