Every company that uses technology in its business plan is at risk for cyber-attacks and dangerous hackers. Advances in technology only increase these risks. Every business should invest in liability insurance to protect against these risks. Business owners should also develop a plan to reduce and mitigate cyber risks.
What Liability Insurance Protects Against Cyber-Attacks?
Cyber liability insurance is a policy that protects a business from data breaches and other security issues. The insurance plan covers costs associated with these security breaches, including the expenses to recover damaged or lost data, repair computers and networks and notify customers affected by the security breach.
Talk with your insurance agent about the plan that best fits your company’s needs. Plans can be customized to address the risks you face. Additional coverage can include the following protection:
- Regulatory Expenses
- Cyber Extortion
- Ransomware Issues
- Business Interruption Concerns
- Litigation Costs
What Policies Can Be Implemented to Reduce Risks?
Employees must understand the potential risks your company faces. They must be wary of emails coming from any outside source that is unfamiliar. Train them to know how to spot questionable email addresses and make sure they never open hyperlinks from unsolicited sources.
Make sure workers use passwords that aren’t easy to breach and remind them to change their passwords frequently.
You can’t eliminate all cyber risks, but you can reduce the risks and protect your investment with cyber liability insurance.