Protecting Your Company Against Cyber Exposure
Cyber exposure is a danger that any business can face. If a company stores any personally identifiable information on its clients – from contact information to financial data – then they become a target for hackers and digital criminals. Cyber exposure is a very real risk that can be mitigated with good insurance coverage.
A solid cyber insurance policy should cover a wide range of possible risks. These include results such as fines and penalties levied by regulatory bodies, as well as forensics services needed to help analyze a hacked system. In most states, you are required to notify clients when their information has been compromised, which can be an expensive undertaking; you may also be facing a damaged reputation and corresponding drop in revenue. Both of these can also be covered by insurance. Finally, you may want to find coverage that can protect you in case your business becomes a cyber hostage-when criminals deny access to your computer until you pay them a ransom.
When seeking a provider, be sure to find one that can offer comprehensive coverage even to businesses with hard to place risks. Additionally, the plan should be tailored specifically for your business’s size, situation, and industry, so that you can be fully protected. Solid insurance is the best way to protect your company against cyber exposure.