Cyber Security Insurance

Cyber Security Insurance

January 31, 2019

It is commonplace to insure many aspects of our daily life. Homes, boats, cars and even your health all need to be protected from catastrophe. So why do so many companies overlook the need to protect your most valuable business aspect, your data?

A large number of companies already implement strong backup solutions, but unless that solution is redundant and reliable you are putting your company at risk. Cyber attacks are here to stay and they are only getting more sophisticated. Now is the time to consider adding an extra layer of protection to your company’s overall security.

The benefits of cyber insurance:

  • Guidance

    • Most providers will assign a guide during a breach. This is usually an experienced attorney that is dedicated to the company throughout the process. Their main goal is to reduce the amount of legal exposure that can accompany a leak of critical data.

  • Cost

    • Breaches are not something that are easy to plan for. They can happen anytime and no two are the same. This type of insurance can help mitigate the financial stresses often associated with a successful cyber-attack.

  • Coverage

    • Traditional liability insurance usually covers the physical assets of a business. So, your server may be covered, but not the data that is stored on it. Cyber insurance can close gaps that can lead to the loss of crucial data after a breach.

  • Loss Reimbursement

    • Down time is almost synonymous with a cyber-attack. The right policy can protect your company from revenue and time lost in the wake of the attack.

These attacks can be devastating to your business. It is important to remember that no business is invulnerable to cyber crime and the more security you can put between you and the attackers, the better.