As the internet grows and evolves, so do the dangers companies face. This is especially true for network vendors and IT companies. Having third party cyber coverage can help your business recover after an attack and be prepared beforehand to safeguard your business against claims of negligence.
How Insurance Can Help
Cyber breaches have the potential to harm your brand, destroy the client’s trust in you and put client information at risk. Cyber threats and attacks continue to grow and can be damaging to financial institutions that carry personal data from clients. As a third-party vendor or a company that is responsible for the systems in which cyber breaches occur, you need this insurance to protect clients and your brand. FGIB recommends an insurance policy specifically designed for instances of cyber-attacks that can help your business in the following ways:
Notify pertinent individuals regarding the breach
Offer protection against identity theft
Monitor credit for individuals affected by the breach
Recover data lost in an attack
Public relations support for damage to your brand
Conduct a system update for better security
Being Prepared for a Cyber Attack
Third party companies that are in charge of protecting client data, whether as an IT company or a software firm, need the right kind of insurance to keep clients safe. This is especially true when it comes to cybersecurity. You can do that with third party cyber coverage.