In our technology-based modern economy, any business in any industry could find itself the victim of a cyber attack. If your company stores any personally identifiable information on clients or employees, you could be vulnerable to identity theft and data breaches. Insurance is vital to protect yourself against cyber exposure.
Many companies gather information on their clients and employees which can be at risk in the event of a cyber attack. Valuable information that could be compromised includes:
- Bank account numbers
- Tax identification and Social Security numbers
- Contact information
- Credit card numbers
- Medical histories
Companies that are attacked can be subject to a number of disadvantages, including liability concerns and damage to their digital infrastructure. In addition, many states’ laws mandate that businesses notify or provide free credit monitoring to those whose information was compromised. In addition, public images can often take a severe hit in the wake of an attack, and sales may drop while PR and marketing spending must be raised to compensate.
Coverage and Protection
This is why insurance to protect your business is so important. A cyber attack can devastate a business, and coverage is necessary to help cover the costs of a breach. Getting a good plan can help cover your cyber exposure, protecting you if things go wrong and providing peace of mind. Privacy & network security coverage is an important component of any corporate insurance plan.