Cyber Data Protection: Digital Insurance For Business Owners
Posted on: 8 October 2019
Most businesses have insurance protection for standard issues, including liability and property losses. However, what many business owners don't think about is their digital exposure. With so much exposure out there for consumer data, hackers, and breaches, it is important that business owners understand this threat. Here's a look at what you need to know about cyber security insurance.
Cyber Insurance Covers Data Breach Losses
Data breaches and server hacks have become increasingly common in recent years. Business owners need to be vigilant about taking care of firewalls and data breach security. However, this is a dynamic environment. It can be difficult to keep up with vulnerabilities and security threats.
In the event that a business suffers a data breach that threatens customer privacy, it can lead to costly settlements and restitution. When you have a cyber insurance policy like this, it can help to ease the financial burden on your business.
Cyber Insurance Covers Malware Losses
Sometimes server breaches don't happen in an effort to steal consumer data. Instead, sometimes hackers will breach a server to install malware that can take down business operations until the malware is cleared and resolved.
This downtime to eliminate the malware can be costly for your business. From lost sales to the cost of restoration, a cyber policy can help your business cover these costs.
Cyber Insurance Offers Media Platform Coverage
Any time you establish an online presence for a business, you take the risk of facing copyright, liability, libel, and privacy infringement charges. Since your website development and content team may not be well-versed in the laws associated with these things, this type of coverage can significantly protect your business from losses associated with these types of mistakes.
Cyber Insurance Protects Against Digital Theft
Your company's servers house a lot of valuable information. From your customer data to your product designs and new development concepts, this information is vital to your company's success. You need to be sure that this information is protected because any theft could be costly to your company's success.
If product or development information is ever stolen from your servers, digital theft protections in your cyber policy can help your company recoup some of those losses.
Talk with your business insurance provider today for more information about how to protect your company's cyber existence and digital data. With this information and the help of a skilled insurance agent, you can get the coverage that your company needs.
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