cyber insurance

Coverage Essential to Data Breaches

Owners of companies have a lot to digest. They not only need to grow and perform well financially in order to please investors and shareholders, they also have to constantly be innovative, producing new products and building new services to satisfy the customers’ needs. Add to this the need to acquire and retain good employees (and keep them happy) while nurturing them to help them to perform better.

In order for this to occur these owners understand their urgent need to have cyber insurance that will help to avoid business interruption when coming under the threat of cyber attacks and other possible security concerns. There are many key challenges to staying in business and being profitable.

Addressing a growing concern

When tuning into the news we can see that companies everywhere, irrespective of their sector, size or resources, have become vulnerable to attacks. Hackers, even those threats that come from within, are becoming more common and thieves are getting better at infiltrating systems while making outrageous demands, usually in the form of ransom in exchange for restoring systems that have been compromised.

The vulnerabilities that exist in most company infrastructures have become glaringly evident and this can compromise their current financial situation and endanger any future plans and investments. Information security should be at the forefront of any risk management planning since having a strong plan to protect these organizations at risk of cyber attacks is fundamental.

This should include a recovery plan to help deal with the aftermath of any potential security breach. A company’s investors thoroughly support managers who they believe are best prepared to deal with any imaginable scenario that the company might experience due to cyber security issues. By acknowledging the common vulnerabilities used by attackers in gaining access to confidential information we can see that many of the fundamental cyber security measures need to be constantly updated.

Unfortunately most companies feel that they won’t be targeted, or that their critical assets lack any real value, not giving proper attention to the sophistication of potential attackers looking for easy prey. Having your clients acquire adequate cyber insurance protection is a big step in reducing their odds of being compromised.