Cyber crime is on the rise, affecting a whopping 81% of businesses. If you don’t yet have cyber insurance, your company could go out of business from just one small data breach.
Cyber insurance is a must-have in today’s digital economy. It is meant to cover cyber crime in all its many shapes and sizes, including malware, ransomware, viruses, DDoS attacks, and more. Did you know, for example, that a ransomware attack on a business occurs every 14 seconds? Check out our infographic for more stunning ransomware stats!
Cyber insurance is meant to protect you from common cyber risks that all companies face, including:
Data breaches of sensitive information, including social security numbers, credit card numbers, bank account information, and health records
Extortion by cyber criminals
Theft of intellectual property
Damage to servers and hardware
Loss of income due to breaches
Lawsuits related to any breaches
Legal defense costs and/or regulatory fines (where applicable)
In addition, companies affected by cyber crime have to deal with the ensuing PR nightmare that results from the incident. Legally, for example, companies must notify parties affected by a data breach. Many will also receive a blow to their brand reputation, which may require specific crisis management to handle.
Basically, cyber insurance is your one-stop shop for covering your bases online. Typical cyber insurance coverage will include:
Investigation of the incident
Recovery of data
Notification of customers affected by data breach
Preventative measures so the breach never happens again
Monetary losses from business interruption, data loss recovery, intellectual property theft, crisis management, etc.
Costs of ransomware extortion or hacker damages
It’s not a matter of if you are a victim of cyber crime, it’s a matter of when. No businesses, not even the most sophisticated ones, are 100% safe from hackers, so cyber insurance is a must for every business. It will allow your business to make it through a cyber incident with as little financial impact as possible.
Now is the time to review your current technologies and beef up your cyber security. As you search for cyber insurance, boost your company’s online security with our tips or contact our tech team for a cyber security check-up.