When Cyber Liability Insurance first hit the market years ago, the companies most interested in purchasing it were those who retained large amounts of sensitive data on their customers. Companies who kept credit card information for their customers were interested. Hospitals and other medical businesses who kept sensitive health information on their patients were interested. Large companies and payroll companies who retained sensitive data on their employees were interested.
There are laws and procedures that a company must follow if they are the victim of a cyber attack. In a timely manner, the company must notify each customer that they have been compromised. The company must pay for one year of Identity theft monitoring for each impacted customer. The company must hire a forensic expert to identify how the breach occurred and the company needs to fix the gap. The company will also have to bear the cost to repair their brand reputation. Most likely, there will be lawsuits from customers over their stolen information that the company would have to defend or settle. All of these costs can be covered under a Cyber Liability Insurance Policy.
Hacking is no longer limited to large companies. Ransomware is a thing nowadays. This is when hackers get into your system and encrypt all your data so you can no longer use it. Then they contact you asking for a ransom to give you the key to un-encrypt your data. The typical ransom ranges from $500 to $2,000 and usually paid in Bitcoin or another cryptocurrency. But the real cost is in the downtime of your computers and the loss of productivity of your staff. Cyber Liability Insurance will help cover all the costs associated with ransomware. Ransomware is a virus that gets into your computer system when someone clicks on a seemingly innocent looking email. Be careful!
Cyber Liability Insurance will also help when you have computer system failures. Most of us now rely on the “cloud” for storage or processing or use offsite software to run your business. Cyber Liability will respond when your vendor gets attacked and knocks you off-line.
In addition to helping a business recover financially, having Cyber Liability Insurance during a crisis allows you to have access to experts for advice, services or repairs. Big or small, most businesses can benefit from purchasing Cyber Liability insurance. Is it time for your business to gain Peace of Mind regarding computer attacks? Contact us to find out how little this coverage will cost!