Emerging Risks Need Specialized Coverage!
Cyber Insurance is important anywhere businesses use technology to operate. Business processes are intertwined through networks and cloud computing. Digital transactions like payment or credit card processing, and digital assets like important business data, corporate information, and client records, are becoming more vulnerable and more valuable.
Cybercrime or E-Crime is the fastest growing crime in the world – attacks like phishing scams allow hackers system access or malicious emails trick employees or customers into giving away credentials.
Privacy Breaches and the costs associated with them are significant expenses – notifying affected customers, credit monitoring, identity restoration, legal services, employee breach training, and IT forensics and security hardening can quickly run up a large bill.
Business Interruption – can occur when hackers launch a ransomware attack to lock down and encrypt a company’s data, then demand a ransom payment to release the data. Business operations can be halted, and companies can lose important daily income.
Reputational Damage – your reputation as a business is everything. Restoring confidence after a data breach or cyberattack is key to keeping contracts and customers.
Most standard property or business owner’s policies will not respond to these risks or have limited coverage. Standard business contracts are beginning to require the insurance coverage. Do you know if your policy is up to date?
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