Why You Need Cyber Insurance

No matter what kind of business you run, you probably spend some time in cyberspace, even if it’s just to update the website or send emails. The risk services package of every business should include comprehensive cyber insurance. A good insurance solution covers your business from various types of cyber attacks and the fallout from those breaches.

When many people think of cyber risk, they often only think of security breaches that result from hacking. While such instances certainly occur, cyber issues can also include things like social engineering, such as extortion or phishing attempts, or other acts of internet fraud. A comprehensive policy protects your company and your clients no matter what kind of problem you face.

Risk services should include the ability to report claims 24 hours a day. You will need both cyber and privacy liability and may even be interested in a media liability policy, all of which cover the cost of legal fees and settlements if needed. Because cyber attacks can shut down at least part of your business while the problem is being fixed, it is a good idea to include business interruption coverage as well.

Every business has cyber risks. You can curtail the cost with effective risk management that includes solid insurance coverage.