How Cyber Liability Can Protect Your Business

Running a successful business means understanding Cyber risks and doing what you can for your Company to avoid liability. As technology becomes more prevalent in business it is more important than ever to consider the risks of a data breach and prevent the disastrous consequences early on before they affect the clients of your business.

Keeping customer’s information safe should be a good business owner’s priority. Data theft can happen to any business big or small and if your customers lose trust in your company it can be difficult to gain it back. Cyber insurance is the best option to keep your business protected against hackers and any online breech.

Here are some common cyber risks that are covered by a cyber-liability policy:

  • Data Breaches- Your Company has a responsibility to protect any personal information given by your clients and is legally bound to notify every client affected by a data breech. This and any security fixes can be costly to your business unless you are covered by a cyber-liability policy.
  • Intellectual property rights- If your business has an online presence there are some libel, copyright, and trademark risks you should be prepared for. This insurance will give a business owner peace of mind when it comes to the corporate website.
  • Damage to a third party systems- If an email from your server contains a virus and is sent out to your customers your company can be held liable for the third party damage or loss. A cyber liability policy can ensure coverage if this happens to your business.
  • System Failures- Any physical damage resulting from a loss of data that happens from a disaster such as fire or malicious activity is covered with a cyber-liability policy.
  • Cyber extortion-If a hacker hijacks your company’s website, demands money, and temporarily causes a loss of revenue, this insurance will have you covered.

Keeping your business and its clients as protected as possible is important. The Insurance Shop can help your business avoid cyber liability with the right coverage. We are a group of experienced independent insurance agents in White Bear Lake, Minnesota that will work to find you and your company the best coverage at a competitive price. We also offer home insurance, life insurance, and umbrella insurance to keep you as protected as possible. Contact us today for more information.