Technology

Every Business Needs a Cyber Insurance Policy

Does your business use CC payment? Does your organization bank online? Is your company on social media? Is private data from customers or staff members stored on your company computer network?

If you replied yes to one or more of the posed questions, you should seriously look into acquiring cyber insurance policy.

Here is why.

Cyber insurance covers businesses or nonprofits from the risks of cyber attacks. A cyber policy can protect first and third parties from related losses and damages.

Here is how.

If an employee were to be tricked into transferring funds to a cyber thief, the insurance can reimburse the funds.

If a business computer was hacked allowing the hacker to get into the associated banking account so that he or she could transfer funds, the insurance can reimburse the loss of funds.

If an employee would erroneously open an email link that contained a computer virus causing its files to become encrypted, the insurance can cover the ransomware minus the associated deductible in order to have the files unlocked.

If a computer virus would cause a company’s network to shut down and the tech company would require several days to get it running again, the insurance can reimburse lost profits plus other costs associated with the shutdown.

If a business were to be hacked and sensitive data stolen, the insurance can cover lawyers’ fees, security expert fees, public relation consulting costs, costs related to notifying those affected, and identification protection costs for those who suffered from the breach, along with computer compliance fines and penalties and related lawsuit defense and settlement expenses.

If a company’s network would experience a flood of much more traffic than its regular flow of traffic as a result of a computer virus, leaving the system and some of its main customer systems down, the insurance can cover the costs of lawsuits from the customers that would suffer from the effects of the virus, as well as the repair costs to recover data.

If a disparaging comment was to be left on social media by a customer and a company employee were to leave a reply saying the customer was lying, the insurance can cover legal expenses resulting from defamation that a customer might file.

For more about cyber coverage and how it can help your company from the ravages of a potential cyber threat, speak to an experienced independent insurance agency.

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