Cyber Liability and Austin Commercial Business Insurance

With the business growth taking place in Austin in recent years, a lot of new businesses have needed helped getting their insurance needs met. Whether you’re a small business getting started, or a long established medium to large sized business, you’re going to have insurance requirements and need solutions aimed at meeting your firm’s unique needs.

Austin Commercial Business Insurance covers a wide array of coverages that every business needs to go over to help in addressing the types of policies that will cover their particular exposures. Every business is at risk if anything goes wrong during their operations and insurance provides protection against lawsuits and large settlements.

Cyber liability issues on the rise

Many small business owners are unaware of the high-risk data breaches at their establishments. Actually, hackers are less likely to attack high profile, firms, although such breaches do occur, but they prefer the less difficult task of going after small businesses, which often lack proper security measures. Although smaller companies aren’t likely to need $300 million worth of coverage, there are a few key things to keep in mind when considering how to insure your company against the threat of cyber crimes.

First, you clearly need to understand what type of coverage is available and what your needs are. There are two different types of cyber insurance: first- and third-party insurance. First-party coverage will insure your businesses against the direct costs you could incur following an attack. Third-party coverage is, just as its name implies, liability coverage that protects you in the event of customer lawsuits.

Regardless of a company’s size or industry, business owners must take proper action to secure their customers’ valuable data against the possibility of a cyber attack. In addition, investing in cyber liability insurance protects your own assets should such an event occur.

Criminals understand the value of the information you store

Credit cards, social security numbers and bank accounts, along with other valuable information can often easily be acquired. When criminals get access to company databases, they become privy to a vast array of information. This can be sold on the black market and is a major factor in the identity theft issues currently plaguing the US.

This can be costly to you, as a business owner, which is why we stress the need for Austin Commercial Business Insurance to protect you as long as a threat of this sort is looming.