The Importance of Cyber Insurance

Today’s business models have changed drastically from the time of the small Mom and Pop shop on the corner. While the shops still do exist, they now include much more than just daily hours of operation and hand to hand sales. These days, just about every business operates with an online presence as well as retail shops. In fact, a lot of businesses are opting out of the brick and mortar shops altogether and simply offering their products through online shops. With a greatly reduced overhead cost of doing business, the thought of selling strictly online is very appealing.

However, with all the online business out there, the need for cyber insurance is increasing as well. No matter what type of business you run, you stand the risk of third party claims against you. Standard business insurance covers a lot, but having cyber insurance can protect your business even better by covering everything you do in cyberspace.

Some of the things protected by cyber insurance are:

• Data breaches and privacy crises– expenses pertaining to managing an incident, investigations, remediation, subject notification, credit checks for data subjects, legal costs, court attendance, etc.
• Extortion liability– Pays professional fees related to dealing with company extortion.
• Media liability– Intellectual property rights infringement and defacement of property.
• Network security– Damages to a third party due to denial of access, costs related to theft of data on third party systems, and costs related to third party suppliers.

Being a part of the cyber revolution is a great way to increase your business’s footprint as well as increase sales. Make sure your business is protected with the best cyber insurance policy available to fit your needs and budget.