Smart business owners protect against the ever-increasing risk of data breaches and cyber liability.
With the rise of technology comes a growing risk of data breaches and cyber liability lawsuits. While you may think your computers are safe behind locked doors, this is nothing more than a costly misconception that many business owners make.
Is The Risk Real?
Skilled hackers are now able to tap into devices within seconds, gaining instant access to sensitive data, emails, online bank accounts, employee records, and more. The more you rely on your smartphone, tablet, and computers to store information digitally, the more vulnerable your business and its data become.
If important information was to fall into the wrong hands, you could lose the trust of vendors, clients, guests, and your employees. Similarly, if someone was to comment inappropriate content on your website’s forum, posing as a representative of your business, not only would you be held liable, your company’s reputation could hang in the balance.
Protection and Privacy
Cyber Liability Insurance can protect your business from cyber attacks such as these. Many businesses ask if this insurance is necessary. Here are four reasons why it is!
- It’s cheaper than you think! A cyber liability insurance policy can be tailored to your businesses. In addition, if you have dependable hosting, strong password protection, and firewalls, you may be eligible for a discount.
- Even if you don’t host your own website, you are still liable for any damage that occurs. This includes critical data that is lost when it is stored in the cloud! This can be detrimental to your services and business as a whole.
- A General Liability Insurance policy won’t cover you. These policies do not cover any losses due to the internet, so if you do not have cyber liability insurance, any expenses and damages caused by a breach or attack are all on you.
- 72 percent of all Data Breaches occur in small and medium sized businesses.
Small, medium, and large businesses are at risk. The good news? Most of these attacks could have been prevented by utilizing typical data security practices such as strong password protection and training staff to spot suspicious activity.