As a small business owner, why do you believe business insurance is a good investment? You most likely have a business insurance plan for the following reasons:
This is smart thinking. Running a business presents its challenges. Clients can refuse to pay, equipment can break down and products can be recalled. The truth is you never know where your business decisions might lead the business, but you do know that business insurance will help break the fall if the company should take a turn for the worse.
Just like business insurance, cyber insurance is there to provide financial padding when things go wrong. The hesitancy you might be feeling about getting a cybersecurity insurance plan may have to do with what you assume is a pricy cyber insurance cost. When you compare rates with CyberPolicy, you're guaranteed the best competitive rates on the market. It's not just the rates that should make your decision. Here are a number of reasons why you should get cyber insurance.
Cybersecurity Insurance: What It's All About
Another reason (aside from cost) that you might be skeptical about getting a cyber insurance plan is because you're not well-versed in the subject matter. This isn't a slight to you. Cybersecurity has not been a hot-button issue until the last year, when large companies like Yahoo, Ashley Madison and Snapchat made national headlines when their systems had been breached and sensitive customer and employee data had been stolen. But there are big companies, what are the chances that cybercriminals would want to target a small business? They're higher than you think.
According to Small Business Trends, small businesses make up for 43 percent of cyberattacks. In an effort to get money, cybercriminals aim for low hanging fruit-businesses that typically have lax cybersecurity. When a hacker gets into the system they wipe it clean, leaving the small business with nothing. If you don't have cyber insurance, this will end your business. Cyber insurance offers the following protection services:
Business Loss: Similar to the small business professional liability insurance plan, cyber insurance covers the financial losses to your business after a cyberattack has led to business interruption, data loss and customer dissatisfaction.
Notification Contingency Plan: Your cyber insurance agent will contact all first and third parties affected by your network's data breach while you and your IT team work to isolate the malware or infected code in your system and remove it.
Forensic Investigation: Some (ask your agent how to get a plan that includes this) cyber insurance plans provide a forensics investigation to learn how, when and where a cybercriminal was able to infiltrate your system and infect, steal or delete company data.
Litigation Coverage: If customer data was leaked to the public or used for nefarious purposes, wrecking the financial accounts or reputations of your customer base, they can sue you in court for damages. Like business insurance, cyber insurance will cover litigation costs and even pay for part of the settlement.
Extortion Coverage: If you have no other option than to pay the ransom to get your stolen data back from a cybercrime ring, a cyber insurance policy will help cover the cost.
There is always a chance that something will go wrong, and people are imperfect, things usually do. Safeguard your business, your employees and your customers by investing in a cyber insurance plan with CyberPolicy.