When it comes to running a business, you would never think twice about physical security. If you own a store, it would be no question that you need security guards or cameras to monitor your product. Likewise, you would probably invest in flood, fire or even insurance in case of a theft. Unfortunately, a lot of businesses forget one important area that still needs security: their online platform.
No Risk Management
Unless you run a large corporation, you probably don’t have a risk management team that is monitoring your business’ data online. Don’t worry; you don’t necessarily need to invest in a team for this purpose either. In fact, when it comes to cyber risk insurance, this type of monitoring is included. There is protection in place, if there happens to be a data breach.
If there is a data breach that costs your consumers or your employees’ money, you could end up in civil court with damages to pay. Even though you technically weren’t at fault, you are still legally liable for that information. When this happens, having cyber risk insurance can help protect you against these costs. Often, they will help cover the awards that you owe.
The virtual world may not seem as tangible as your physical storefront but it is still at risk. You shouldn’t slack on security, in fact, some of the cyber risks can be the most devastating.