Why do you need a cyber security insurance policy?

Why do you need a cyber security insurance policy?
Is your business missing a key security component? If you don’t have a quality cyber security insurance policy, the answer is yes. The odds of a cyber event occurring at a business is 7.5 out of 10, and hackers will stop at nothing to gain access. In fact, every 39 seconds, there is a cyber event somewhere on the web. Don’t let that somewhere be your business.

The most common type of common cyberattack is called ransomware, and it could cost your business up to $800,000 without a cyber insurance policy. On top of monetary loss, there’s time lost and the harm these attacks could do to your clients’ opinions of your business.

Yes, a data breach that compromises your customers’ data could cause you to lose their trust and business. Even large corporations like Uber are at risk, they reportedly lost the information of over 57 million riders and drivers after a data breach in 2016 and had to pay $148 million to settle a nationwide investigation.

With a cyber insurance policy, you’re protecting yourself and your clients. Think of it as a supplement to, General Liability Insurance, which does not cover cyber events.  Besides legal fees and expenses, cyber insurance typically helps with:

  • Notifying customers about a data breach
  • Restoring personal identities of affected customers
  • Recovering compromised data
  • Repairing damaged computer systems

If we haven’t convinced you this type of insurance is an absolute necessity, think about how while watching the four-minute video above, six cyberattacks occurred. Then think about your business being the victim of one of those six attacks, the resources you would need to recover, and your reputation that could’ve been saved all from having a cyber insurance policy. Then click here to request a quote!

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