Cyber Insurance

Cyber Insurance

We live in an increasingly digital world, and businesses that don’t operate somewhere in that world are becoming very few and far between. While it has made business easier in many ways, it has also presented new challenges and risks. Fortunately, Plus One has insurance plans that can help protect businesses against cyber threats.

Business Cyber Insurance

A big part of any business is collecting data about their customers. It might just be email addresses for marketing purposes, but it can also be names, addresses, and other personal information. Most businesses take credit card information as well. All of this information is sensitive and can be used for any number of crimes, such as identity theft. A business’s computer system can be vulnerable to hackers, and that information can be stolen. If confidential data is leaked from your business, then you could suffer major losses.

There is no type of business that can be considered 100% safe from a cyber attack. Even large companies have data breaches. The financial losses from these incidents can be overwhelming. It can result in loss of reputation, loss of current clients who were victims of the breach, and potentially legal costs if a lawsuit is filed against the business. Unfortunately, too many companies either do not have the wherewithal or do not have the resources to create a comprehensive internet security protocol for their business. This should include not just software protection against hacking, but training for staff and contractors as well.

Businesses That Are Especially Vulnerable

Criminals tend to target businesses and organizations that collect particularly sensitive information, whether it’s of clients or employees. These places include retailers, banks, medical facilities, wholesalers, law firms, and a whole host of others. If your business collects private information of any kind that is kept in a digital space, then you need to have cyber insurance.

Cyber Insurance Coverage

Data breaches can be devastating, both to your reputation and to your bottom line. Even if you’ve been targeted and the thieves were not successful, there is still a cost in staff time and finances in trying to prevent the attack and preparing for future ones. Comprehensive cyber insurance will protect you from access to your system by an unauthorized party, the theft of sensitive client information, liability claims made by a 3rd party, extortion, and the spreading of computer viruses. All of these can cripple someone’s ability to do business, and you must be prepared.

How much coverage you get will depend on your cyber liability needs. If your business relies heavily on the internet and social media, then your risk factor goes up. Social media is a common culprit when it comes to liability risks, so if you are active, make sure to protect your business. Essentially, the more online you are, and the type of information you collect and store will determine the coverage level you need. You want to make sure that you are covered for any eventuality. The median liability claim is approximately $200,000, so you will want more coverage than that.

Plus One Insurance understands the increasing perils of operating a business in the digital age. In some ways, the internet allows anyone to reach worldwide markets and almost unlimited potential. However, make sure that you are protected in case someone takes advantage of the digital space and makes your business and your clients victims.