ARE YOU A BUSINESS OWNER? FIND OUT IF YOUR COMPANY NEEDS CYBER INSURANCE WITH THIS SIMPLE QUIZ.
As the world becomes more connected and data harvesting prevails, many business owners are faced with the question – how important is cyber liability insurance?
If you feel a little overwhelmed when considering your options, rest assured that you’re not alone. Understanding the risks of a cyber breach and how it applies specifically to your business can be tricky if you don’t know where to start. That’s why we’ve narrowed it down to the essentials, below.
1) Does my company rely on any digital critical infrastructure to function and/or make money?
Think email, internal systems, network machines, dispatch systems, etc. If your company relies on any piece of technology described above and would be unable to generate revenue if this infrastructure was compromised – then cyber insurance can help put you at ease.
2) Does my company keep any records of customers or employees? How many?
Records consist of email lists, mailing lists, any password information including security questions, driver’s license numbers, passport or other ID information, and miscellaneous data that could identify a client, customer, or employee. As a general rule of thumb – multiply that number by $200-$400 per unit. That’s about what it would cost (at a minimum) to notify and remediate any breach costs to customers or employees. This doesn’t include costs associated with litigation, or any fines or penalties for not precisely following the letter of various state and international laws, PR expenses to save your brand and help your customers, etc.
3) Do my employees use computers, phones, tablets?
One of the largest risks to your company are employee mistakes. Opening a bad email attachment, clicking on the wrong link, or accidentally giving out personal information can all lead to large cyber breach incidents. In such a case, malware is instantly installed on your system, allowing outside access to your data infrastructure, which can result in shutdowns, data breaches, or even falling victim to socially engineered attacks.
4) Would I be at a loss for what to do in the event of a breach?
Dealing with a cyber breach is never a simple task. But if your company is insured, you can take a step back and relax. Good cyber insurance comes with breach coaches, data specialists, and legal experts to assist you around the clock. In the case of a data breach, it’s their job to keep your business compliant, keep all costs to a minimum, and get you back to working order as soon as possible.
The results are in.
If your answer to any of these questions is yes – a comprehensive cyber insurance policy is likely a must-have for your company. Keep in mind, taking preventative action is a positive step toward eliminating unnecessary hardships in the future, and we’re here to help. Connect with one of our brokers today to learn more.