Here’s why your small business can’t afford to miss out on cyber liability insurance.
In the modern age, businesses are more reliant on digital devices and internet connectivity than ever. Unfortunately, this increased connectivity translates into a higher risk for cyber attacks and data breaches. Contrary to what you might believe, every business (regardless of size, scope, and industry) faces the risk of a major data breach. This is why it’s so important to make sure your business has the right safeguards in place. Securing the right cyber liability insurance is one of the best lines of defense against digital risks. Here’s why you can’t afford to overlook this type of coverage.
Consequences of Cyber Attacks
Dealing with a major data breach will cost your business a significant amount of money. Your company will be responsible for the expenses associated with notifying your customers, recovering lost data, restoring compromised identities, repairing affected computer systems, and much more. To make matter worse, being the victim of a cyber attack will affect your business’s credibility. This will likely result in lost clients, missed business opportunities, and other issues that will affect your company’s ability to bring in capital. While larger corporations may have the resources to move past a major cyber attack, many small businesses are forced to close as a result of this hefty financial strain.
How Cyber Liability Insurance Can Help
This is where cyber liability insurance comes into play. When you secure this type of coverage for your business, you will receive a wide array of coverages that will help your company weather the aftermath of a cyber attack. For instance, this type of policy will offer coverage for:
- Notification costs
- Credit monitoring
- Fines and penalties
- Lost revenue
- Crisis and reputation management
- Breach investigations
- And much more!
As you work to secure your business against hackers and other cyber criminals, securing the right cyber liability insurance is an important part of your business’s defense. If you are interested in securing this essential protection for your business, contact the experts at John E. Peakes Insurance Agency for assistance today.