What is a Cyber Insurance Policy and Why Should My Business Have One?

Kristy DonahueCyber Insurance

Over the years more and more personal and financial information is being stored on computers and transmitted via the internet. As such, the threat of information being stolen and used for nefarious motives is becoming more and more prevalent. From the simple theft of a gaining credit card and bank account numbers in order to steal funds, to the more complex information theft such as tapping into medical histories, political biases, or spending behaviors, stolen information is a hot commodity that is collected and sold every day. A new identity can be easily purchased. So can information to help business gain an unfair edge on their competition. Even data points used in political campaigns to try to understand and even manipulate would be voters is up for grabs.  All this information is courtesy of cyber breaches that happen every day to millions of companies and individuals all around the world. As such, privacy is becoming an endangered concept.

How does Cyber Insurance help your business?

Besides helping a business owner out with legal fees and expenses should information be “stolen” from their company, Cyber Insurance also typically helps with notifying customers about a data breach, restoring personal identities of affected customers, recovering compromised data and repairing /replacing damaged computer systems and electronics.  Some Cyber Insurance will even pay for the cost of credit monitoring for the clients whose information was compromised.  As one might expect, the cost associated with Cyber Insurance varies depending on the size of your business and the amount of coverage you will require.  Depending on what kind of business you are in, the type of information you store on your devices may vary.  However, it is important to value the sensitivity of all of it.  Don’t foolishly think that criminals are only after financial information.  Information in general, is valuable and like all things of value, it needs to be insured. 

Does your business store financial, medical or sales information on a computer?  Does your business sell over the internet?  If it does, you need Cyber Insurance. Give us a call today. We can help make sure your business is ready to do business in 2020.  The future is here business owners!  Are you ready?

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