Will Your Company Survive a Cyber Attack? Cyber Risk Insurance Can Help
Each day, data breaches and cyberattacks are becoming more common. Companies are revealing with increased frequency that they have been hacked and their customer’s private information is now at risk. As a consumer, it is hard to trust a once-favorite company that has been hacked. Consequences can be damaging for the company, such as heavy fines, legal fees, and loss of trust. Recovering from a data breach can take longer than you imagined and cost a lot of money. If your business falls victim to a hacker, are you prepared to defend against the threat and related losses?
Cyber risk insurance is a relatively new product in the insurance industry. While it is young, it is rapidly evolving and expanding to keep up. As the hackers get savvier, companies need to fight back with stronger protection. However, half of U.S. firms do not carry any coverage for such attacks, and many are not planning on purchasing it, even though the threat is real. Why the resistance? For many companies, it is uncharted territory. At The Nowell Agency, our knowledgeable brokers help you navigate the sometimes-murky waters of insurance coverage to help protect your company’s assets and reputation in the event of an attack.
Keep Data More Secure from the Core
Many companies are taking the right steps to protect their businesses and their customers. Is yours one of them? Are you aware of the ways to mitigate loss? Here are a few ways you can be prepared:
- Keep antivirus and ransomware protection up-to-date
- Maintain encryption software
- Utilize password managers and two-factor authentication
- Find the right coverage
After extra security measures are put into place, step up with some additional help.
Types of Losses That Insurance for Internet Security Can Mitigate
Cyber risk insurance is just one of several tools to keep your customer’s data safe. It can help you bounce back quickly, regaining your clients’ trust. Below are a few other losses you need to know about:
- Monetary loss caused by electronic theft
- Damages resulting from extortion through DDoS blackmail or ransomware
- Costs of investigation after an incident occurs
- Legal fees from the liability associated with a breach
- Money lost because of downtime
- Loss of reputation and credibility
- Costs of improving security to prevent a similar violation in the future
Peace of Mind Comes with the Right Protection Plan
Avoid assuming that your existing general liability policy will cover data breaches. After enhancing your current tech security systems, bolster your operations with a tailored insurance policy. Our professional brokers at The Nowell Agency are happy to sit down and discuss the best options for your company’s requirements. We take the time to listen and offer a variety of choices to help you recover.