It's the worst nightmare for any company. You've been struck by a cyber raid and you are scrambling to assess the damages and understand what data has been leaked. How will you break the news to your customers? Was the breach the result of an internal misstep or an external attack? Whatever the cause, cyber theft insurance will cover the extent of the damages and get your company fit to fight another day!
Whose Data Is It Anyway?
If your organization uses mobile technology; engages with external partners or vendors; accepts credit cards, other online payments or stores confidential information on your employees, customers or partners; then you are a target for cybercrime. In other words, if your business uses the internet, it's vulnerable to a cybersecurity breach.
Business's struck by data breach have a high chance of failure. 60 percent of small businesses closed within six months a data breach. That's some scary stuff! Yet only 3 percent of small businesses have taken advantage of cyber theft insurance.
And here's the thing: it's not just your own security you should be worried about. The personal and financial information stolen from your customers, partners and employees can be misused by nefarious hackers.
Below we will cover the necessity of cyber theft insurance and what it can do for small businesses following a cyber raid.
What Can CyberPolicy Do for You?
The Ponemon Institute estimates that the average cost per compromised record is $217, and is on the rise. Incidents like this degrade customer confidence and could result in legal battles against your company for not properly protecting their good names. Don't get caught off guard. Protect your most valuable assets.
You're probably thinking "Okay, I understand the risk. Now tell me what cyber policy insurance can do to protect me." While cyber insurance can't thwart cyber crooks the same way an antivirus program or cyber defense firm, it can keep your business on stable financial footing following a cyberattack. Here's how:
Your cyber policy provider will help you investigate the breach, examine its cause and determine how to prevent the same incident from happening again. They will also recommend or direct you to the proper channels to report the incident.
Of course, no policy provision is complete without a proper understanding of the damages. Business losses can stem from network downtime, business interruption, data loss, cyber extortion, malware removal and network repairs.
Additionally, your provider will help you break the news to your customers or third−party partners. In many cases this may include credit monitoring to determine if and how the stolen information is being used.
While coverage options are designed to fit the businesses they protect, it's important to note the differences between first and third−party coverage. The former protects the policyholder against losses directly tied to the breach or raid itself, while the latter also covers the losses suffered by additional parties. This third−party option is helpful in the event of litigation fees or settlement costs for unintentional exposure of customer and client information.
Protection You Need
CyberPolicy can help you find cyber policy insurance customized to match your business needs. For pennies a day, you can protect yourself (and your customers) against the threat of digital raiders. Get a quote online today and secure your business with CyberPolicy.