Skilled hackers can hinder your business – here’s how cyber liability insurance can help.
Business owners, have you done everything to protect your company? While you may be thinking that you’ve got the deadbolts, fire alarms, and security locks in check, have you got cyber protection? Imagine that your company has come under attack by a skilled hacker.
This trained thief has accessed your customers’ names, contact information, Social Security numbers, payment methods, and more! On top of that, your website is disabled so that you can’t take orders or collect the payments that you need to stay in business. If important information was to fall into the wrong hands, you could lose the business and trust of vendors, clients, guests, and your employees.
With protection, your business can face liability risks, no system recovery, fines, and lawsuits.
To protect your business from data breaches and the like, cyber liability insurance can step in should an incident occur. A policy covers several types of risk, including:
- Loss or corruption of data
- Business interruption
- Multiple types of liability
- Identity theft
- Cyber extortion
- Reputation recovery
With your cyber liability insurance at hand, your business can protect against any possible risks with daily practices to prevent attacks and lower risks. Train your employees to get smart about detecting risks online, as well as taking active steps to limit your exposure to breaches:
- Install, maintain, and update security software and hardware
- Contract with an IT security services vendor
- Use cloud computing services.
- Regularly back up data at a secure offsite location
- Encourage employees to change passwords every month
- Always change passwords when a member of staff leaves the company