Necessary Insurance for Cyber Risks
Cyber attacks continue to evolve at an alarming rate, with businesses struggling to keep up. Cyber insurance is essential to allow companies to protect the business and assets, including consumer information if network security is breached.
How Coverage Helps Your Business
It seems as though there is a never-ending list of cyber risks for a business, including lost data, leaked customer information, system malfunctions and dangerous viruses. These can lead to expensive costs for businesses that must conduct forensic analysis to find the breach and the extent of the damage, as well as any costs associated with the recovery. Cyber insurance can help a company in the following ways after a breach has occurred:
Legal fees, including settlements
Regulatory fees, including investigations and fines
Customer and employee notification costs
Reimbursement for cyber extortion
Credit monitoring for customer accounts
Public relations expenses
Protecting Your Business From Data Breaches
Just because you have network security does not mean your business is safe from cyber attacks. Including cyber insurance as part of your commercial policy can help lessen the damage to your business, client accounts and reputation if a breach occurs. A cyber attack doesn’t have to be the end of your business and the right insurance policy can help you move forward.