By now, you have probably received an email or letter from a company you do business with that goes something like this: “We’re so sorry to tell you that our data was compromised and some of your personal information, including your credit card number, may have gotten into the wrong hands.” After the apology, the company almost always offers a year’s worth of credit monitoring at no cost to you.
Let’s turn the tables now and suppose that it is your company that has had the data breach. Who will pay for those credit monitoring services for all of your customers? By having cyber liability coverage, you’ll make sure that these and many other related expenses can be taken care of.
What to Protect Against
Cyber attacks can take many forms. Data breaches are among the most frequent and most serious, but there are others, such as:
• Viruses and network blockages introduced into your systems that slow, or even stop, your business from functioning.
• Malware that affects the proper workings of your systems; this can be invisible at first and system malfunctions may not be discovered right away.
• Phishing schemes that lure your online customers away to malicious websites
Liability claims against your business can include loss of privacy, unauthorized use of credit card numbers, failure to make business deliveries on time, and many others.
Insurance is Vital
A responsible business administrator today assumes that a cyber attack will happen sooner or later and will look for the protection found in cyber liability coverage. Do it today.