The Importance of Cyber Liability Insurance
It’s not just the big businesses that are targeted by hackers and get hit with data breaches. Any business of any size is at risk and the potential costs can be extremely high. Even though you may think that your digital files are safe, it’s well worth having protection in place, should the unexpected happen. All businesses should consider cyber liability insurance as a priority to protect their company. Here’s why.
Data is one of your most important assets yet is not covered by standard property insurance policies. Most businesses would agree that data or information is a huge asset to the business. It is certainly worth many times more than the physical equipment that it is stored upon. Yet, many business owners don’t realize that a standard property policy would not respond in the event that this data is damaged or destroyed. However, a dedicated cyber liability policy would offer comprehensive coverage.
Systems are critical to daily operations. Downtime is not covered by standard business interruption insurance. A hack attack or computer virus could bring all of your business’s systems down, halting any transactions and operating of systems. A traditional business interruption policy would not respond to such an event, but cyber insurance can provide cover for the loss of profits associated with a systems outage.
Cybercrime is the fastest growing crime in the world. With emerging technology and more people wanting to get their hands on valuable information, cybercrimes continue to be a threat to small and large businesses alike. Being on the internet means that your business is now exposed to the world’s criminals. Securing cyber liability insurance for a few dollars can help your business recover from incidents like phishing scams, identity theft, and telephone hacking.
Are you ready to receive the right cyber liability insurance policy to suit your business’s needs and risks? Contact the professionals at Nahai Insurance Services to get started today.
