As a business owner, you may have some potentially confidential information stored on your computer. Data breaches and cyber-attacks are becoming more and more common and have increased 62% in the last year. Data breaches occur in 31% of small businesses with 2,500 hundred employees and 30% of small businesses with 250 employees or less. A cyber risk insurance policy protects you from the large amount of money it may to take to get those files recovered.
Any business is subject to a possible data breach. As a business owner, you protect all things that are tangible, while the most important part of your business is left to chance. You can protect your business and your partners with cyber risk insurance
HOW DOES CYBER INSURANCE BENEFIT ME AS A E-COMMERCE SELLER?
A cyber liability insurance policy will extend coverage to cover the cost of expenses used to manage the impact of a data breach, investigation, and attorney fees, court costs, checking for potential subjects, and regulatory fees that are assessed. Losses/fees assessed to combat the threat of possible extortion as well as third party damages due to loss of access, online defacement, and cost of theft of third party system data, are also covered.
DID YOU KNOW?
At least 45 states have notification laws, declaring your company must notify all your customers of the security breach. You’ll have to pay for call centers, drafting written alerts and press releases, printing, postage, and advertisements/publications to inform your customers of the security breach. With your customers’ personal information exposed, your company will be expected to pay for credit monitoring services for each of them. Because there was a breach of your security system, your company will now have to pay for a digital forensics analysis to determine how the breach occurred, and new security systems to guard against future instances must be installed. What does that all mean? Lost Time and Lost Revenues!