Why Cyber Liability Insurance is a “MUST” for your Business

Many business owners haven’t heard of cyber liability insurance yet. But at this point when cyber attacks are prevalent, you might regret not having this type of insurance if something happens and you need it. Not only can cyber-criminals get the information of your company, employees, and customers they can also ruin your online presence.

Getting cyber-liability insurance is as important as having a business insurance, especially for companies who reach their customers and clients through the internet. Your rapport with customers in social media or other online platforms will be affected if hackers infiltrate your system. 

Online businesses are always at risk, no matter how big or small the enterprise is. Every year, more and more cyber attacks happen and unfortunately, some companies don’t have any protection against it. These cyber criminals aren’t only after big business entities, they’ve also attacked small home-based businesses as well.

If you think that cybercrime is not a significant threat, think again. For you to protect your business and your name, you have to know the kinds of cyber attacks that these criminals usually do.

Ransomware

Ransomware is rapidly becoming more and more common nowadays. It occurs when cyber criminals would hold your digital information, including your website, hostage. They will not allow you to access your files and demand a ransom just to restore your access to your business. 

To prevent yourself from giving in to their demands and threats, it’s best that you update and backup your data from time to time. Through this, you don’t have to worry about losing the sensitive information even if these cyber criminals get hold of it. 

Identity Theft

This is the most common and widely held cybercrimes to date. Online criminals can steal personal information including your employees’ information, their health insurance, and even their credit cards. They can use it to open new accounts, buy luxurious items, and even apply for loans. In the end, your company or your employees will have to pay the bills without even knowing how it happened.

To make it worse, this type of cyber attack may also use the details of your clients as well. Thus, it would greatly affect your business since trust will become an issue between you and your customer. It will ultimately destroy your relationship with them and you will even have bad reputation for potential partners as well.

The Need for Cyber Liability Insurance

Once you sign up for a cyber-liability insurance you will have coverage against data breaches, website defacement, extortion, copyrights infringement, extortion, and much more. You will have support to recover your data in case you don’t have backup.

Small businesses may also take advantage of the benefits of getting a cyber liability insurance. Your expenses, including attorney fees and tarnished reputation, and even your loss of income will be covered by this type of insurance when you are attacked by cyber criminals.

Know more about cyber crimes and how to protect your name. After all, it’s not just your business that’s at stake, but your hard work and employees’ safety as well. Ask us on how to purchase this type of insurance by calling us at 386-218-4951. Our agents will help you out with all your insurance questions, whether it’s for cyber liability insurance or any other business-related coverage. Click here to contact us or request a quote now!