Protecting Your Business with Cyber Insurance: A Must in the Digital Age

As time proceeds, technology advances, and more businesses are providing their services online. The internet has made conducting business more convenient than ever, but this added convenience comes with a risk. If you’re not properly protected, all the benefits of using computers to store information and provide services can be used against you. However, cyber insurance can help prevent your business from falling prey to online criminals.

What Happens If My Data Is Breached Without Cyber Insurance From Secure Insurance Group?

If your business uses computers and software to store valuable information, you may be more vulnerable than you think. When sensitive information (e.g. phone numbers, Social Security numbers, credit card details, home addresses, and banking information) gets in the wrong hands, it can spell serious trouble for you.

For one, cyber crime can be incredibly difficult to get justice for. With other types of crime against businesses, such as shoplifting, it’s easier to identify a culprit to prosecute and recover your losses from. But if your sensitive data has been breached, it’s more likely that you won’t find the person responsible, meaning you’ll have no way of being compensated.

The effects of a data breach don’t end with you losing the funds in your account. You may suffer other consequences, such as reputational damage from losing the trust of your customers or clientele, lawsuits, and having to pay for data recovery.

This is why it’s imperative that you get cyber insurance from Secure Insurance Group as soon as possible to help protect you in an event like this.

How Can Cyber Insurance From Secure Insurance Group Help?

Cyber insurance has two types of cyber liability coverage that can help you mitigate the effects of cyber crime – first-party and third-party. It is ideal to get both for complete coverage.

First-party cyber liability coverage covers costs for:

  • Launching an investigation
  • Data and identity recovery
  • Ransom payments for your data (this commonly happens with ransomware)
  • Public relations to help boost company’s image
  • Income loss following a network outage

Third-party cyber liability covers expenses related to lawsuits from customers who have suffered as a result of the cyber crime, such as attorney and court fees.

The coverage you get with cyber insurance from Secure Insurance Group can help you minimize any loss your business may suffer after your system has been hacked, and by providing you with funds to compensate for the financial losses, you’ll be able to continue running your business and focus on moving forward.

What Isn’t Covered?

Cyber insurance won’t cover you if you inflict a cyber attack on yourself. This also constitutes insurance fraud, which will result in legal consequences as well. It also won’t cover you if you knew about a potential risk for a data breach before you obtained your policy.

It won’t cover faulty technology products or errors resulting from an issue of a software or computer hardware product you sold. In that case, you’d need a separate type of insurance, known as technology errors and omissions insurance.

Get Cyber Insurance Coverage Now

At Secure Insurance Group, you won’t have to worry about losing it all if someone breaches your data. We’ll make sure you’re back up and running as soon as possible. Don’t wait. Call us today at 877-871-7328.