Have you heard of the new trend “Cyber liability insurance”? Everyone’s doing it, come on you know you want too.
These days, information is so readily available on the internet some private information is bound to get out. For some companies this is a huge liability and they don’t even know it. I am sure you have been one of the thousands of people to get a letter from your bank issuing you a new bank card because their security has been compromised. Have you ever really thought about how much it costs a company to fix a massive security breach such as that? Having to change thousand of account numbers and reprint cards and checks to go along with it, not to mention any fraudulent charges?
Please understand that it’s not just the big companies that are targeted by hackers, in most cases it is the smaller companies who have much less security. If your company does any sort of billing online or even ask for some information such as names and addresses you are at risk. Do you think you could handle the financial burden of cleaning up that mess, not to mention losing business from shutting down your website until the situation is fixed?
The time is now to call your agent about obtaining Cyber Liability Insurance. These policies can be very comprehensive and even include a crisis management program and consultant in the event of a claim. I would recommend this coverage to anyone, and I mean anyone doing business on the web.