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.
Data breaches are increasing every year. IN 2013 only 33-percent of executives reported a breach while 43-percent reported a breach in 2014. As an entrepreneur, your business is just as at risk as bigger corporations, possibly more so. Traditional insurance doesn’t cover damages due to cyberattacks. What is a budding business person to do? Cyber insurance is the answer.
Doing business online without cyber liability insurance is like driving over the speed limit in traffic without auto insurance. Attacks are too prevalent to take the risk. It has been proven many times that cyber security is not keeping pace with hackers’ ability to steal electronic data. Insurance companies are aware of this. Therefore, premiums are high, but the consequences of going unprotected are far more devastating. Startups and small businesses are easy prey because they usually have softer security than big business. Prioritize cyber liability insurance.
Three things will help to decide what type of cyber insurance is best for your business.
Checklist – First, you need to know from which dangers you need protection. Make a checklist.
Research – Learn the ways you are vulnerable to hackers.
Help – Ask insurance policy providers about risk management.
The start of a business is the perfect time to address cyber security issues. Install protective software and do research on business vulnerability to hackers. Protect your business further with the right insurance.
In today’s cyber-enhanced marketplace, everything is stored digitally. Even traditional storefronts keep important records stored to hard drives and cloud servers. Documents like customer records, accounting information, budget paperwork, and order confirmations are all stored in digital formats now. This turns once-merely-inconvenient issues like hard drive crashes and fried motherboards into potentially disastrous worst-case scenarios. In the event of a major data loss like this, it’s important to have cyber insurance coverage to ensure that your business continues to succeed despite your losses.
When the Worst Happens
Everyone has experienced the painful loss of a computer that just stops working. Whether the motherboard melted, the hard drive crashed, or you’ve been hit by the iconic “blue screen of death,” no computer collapse is easy. This loss is especially compounded if your computer contained sensitive business-related data that could create costly issues for your business. Even cloud-stored information isn’t safe, as it can be susceptible to breaches, or merely disappear without a trace. Cyber insurance keeps your business protected in the event of a loss. Good cyber coverage should help you handle issues like loss of revenue due to interrupted business, notifying customers or employees of breaches or losses, and even legal services if the loss was due to criminal activity like a virus.
No one wants to think about the worst-case scenario, but it’s important to be prepared, nonetheless. With cyber insurance, your business can get back on its feet quickly and seamlessly, even after a major data loss.