Protect Your Business from Online Liability Risks
Privacy and Cyber Risk Insurance
Protecting your company from cyber risks can be an overwhelming venture. A new day means more viruses are being discovered, more spam is being delivered to your inbox, and yet another well-known company is the victim of a data breach. With the vast amount of business conducted electronically, either on a computer or smartphone, companies need to take the proper measures to ensure that this sensitive data is never compromised. Ultimately, it is your business’ responsibility to protect your clients’ data. Failing to do so can result in a data breach, which costs companies billions of dollars every year. Understanding the risks involved with data security can help you prevent a privacy breach.
An enormous amount of information is now stored on computer servers, databases and through cloud-based storage, and it’s growing every day. Because that information has great value, hackers are constantly looking for ways to steal or destroy it. A computer intrusion could put your valuable digital assets at risk and is a constant threat to businesses of any size and any industry.
Cyber Crime Risk
Cyber-attacks are real, and their unpredictable nature can have far-reaching effects beyond your business, including having an impact on your vendors, clients, associates and reputation. Cybercrime is one of the fastest growing areas of criminal activity and is defined as any crime where:
- A computer is the target of the crime
- A computer is used to commit a crime
- Evidence is stored primarily on a computer, in digital format
IT Risk Management Practices
Data security is crucial for all business. Customer and client information, payment information, personal files, bank account details- this information is often impossible to replace if lost and is extremely dangerous in the hands of criminals. Data lost due to disasters such as a flood or fire is devastating, but losing it to hackers or a malware infection can have far greater consequences.
To reduce your cyber risks, it is wise to develop an IT Risk Management Plan at your organization. Risk management solutions utilize industry standards and best practices to assess hazards from unauthorized access, use, disclosure, disruption, modification or destruction of your organization’s information system.
Your Cyber Risks and Coverage Options
Most businesses need data to be moved and used through the company. To be meaningful, data must be accessed and used by employees, analyzed and researched for marketing purposes, used to contact customers and even shared with key partners. Every time data moves, it can be exposed to different dangers.
Your clients expect you to take proper care of their sensitive information. You can never see a data breach coming, but you can always plan for a potential breach. Privacy & Network Liability (Cyber) Insurance is specifically designed to address the risks that come with using modern technology. The level of coverage your business needs is based on your individual operations and can vary greatly depending on your range of exposure. We have the tools necessary to ensure you have the proper coverage to protect your company against a cyber-data breach.