Over the last two years, data breaches have become more common. Data breaches not only directly affect your company’s technology and reputation—they can put your customers or clients at risk. Luckily, having a reputable cyber insurance policy can help protect your business and cover liabilities in the event of a data breach. Below, the experienced agents at Unity Insurance discuss the importance of cyber insurance for business owners.
What Is Cyber Insurance?
Cyber Insurance protects your company’s assets in the event of a data breach involving confidential client data including Social Security numbers, credit card numbers, account numbers, driver’s license numbers, and health records. Without a cyber insurance liability policy, your company will be fully responsible for handling the repercussions of a data breach.
What is Covered By Cyber Insurance?
If a customer were to sue your business because of a data breach, there would potentially be legal and financial repercussions associated. Cyber Insurance can help cover these legal expenses in addition to data loss, recovery and recreation, potential loss of revenue, loss of transferred funds, computer fraud, and cyber extortion.
If the data breach compromised confidential information, quality cyber insurance can also finance notification of customer costs, credit monitoring, civil damages, computer forensics, and reputation damage.
Why Cyber Insurance is Essential for Business Owners
The potential consequences and risks associated with data breaches are not worth the reputational damages and financial losses. If your company saves and stores confidential client data such as names, addresses, credit card numbers, and Social Security numbers on a CRM or tech system, whether online or offline, you have a duty to protect that data. Without cyber insurance, you’ll pay a greater price if there’s a breach.
Discuss Your Cyber Insurance Options With An Experienced Unity Agent Today
Even if acquiring cyber insurance was not your top priority previously, it is critical to seek professional guidance from an insurance agent as soon as possible to guarantee that your company is protected. Whether you are a small business or large corporation, knowing that you are insured in the case of a data breach will give your entire company peace of mind.
Unity Insurance aims to provide you with this peace of mind by exposing areas of your digital security that may be vulnerable to hackers. Contact our office now to learn more about how the skilled insurance specialists at Unity Insurance can assist you with purchasing a cyber insurance policy that is right for you.