In 2019, most companies utilize digital tools to reach customers, handle management procedures and achieve higher degrees of efficiency. It makes sense: The power of social media, landing pages, mobile apps and e-commerce portals, alone, can boost a business to next-level performance.
When it comes to protection, though, a simple business insurance policy might not be enough. Sure, you might operate a brick-and-mortar store—but your day-to-day activities still rely on electronic solutions. From warehouse management programs to sales processing, the skeleton of your company’s operations need digital solutions, and digital protection.
The Need for Higher Cyber Crime Protection
Today, cyber threats plague businesses. In 2005 alone, 7,818 big cybercrime incidents impacted businesses. Global cyber-crime damage costs, experts agree, will be about $6 trillion per year by 2021. Cyber-crime isn’t exclusive, either. It affects startups, solo entrepreneurs and big businesses alike.
While antivirus programs, a sturdy SaaS platform and secure employee policies can reduce the likelihood of damaging cyber incidents, they don’t offer comprehensive protection after a loss occurred. Fortunately, something does: cyber liability insurance.
Protecting Your Company Digitally
Just imagine: Your business is under attack. A skilled hacker accesses your customers names, payment information and contact information. They’ve even procured your employees’ social security numbers. If your website is disabled, so you can’t take in-store orders—let alone e-commerce orders, then work has to stop. It’s a disaster.
This is why modern companies buy cyber liability coverage in their business insurance plans. This type of insurance protects you, your employees and even your customers, financially, if a digital disaster occurs.
Finding Financial Security
Again, digital damages are surprisingly common. At some point, you’ll be at risk. If you have a computer, it’s a certainty that risks exist, no matter how small.
A good cyber liability policy covers expenses accrued due to business interruption. It also pays for breach notification—as well as recovery tools and services. A solid cyber liability policy can even protect your business from regulatory penalties and fines incurred from data breaches.
Cyber liability coverage isn’t expensive—having premiums as low as $2,000 per year. You can also get cyber liability coverage up to $30 million, and deductibles as low as $10,000, if you square away your business’s needs effectively.
If you want to secure your company, you need to protect it from all angles. Even if your business has an entire IT department devoted to predicting, analyzing and preventing cyber risks, you still need to cover yourself with a comprehensive business insurance plan. Talk to one of our insurance agents today at (800) 460-6424, and discuss the best cyber liability plan for your business.
Also Read: Insurance Industry is Getting Phised