Cyber Security Gives You Peace of Mind
As advancements in technology increase, companies are faced with more devastating cyber risks. Digital business data is exposed to hackers who can compromise and destroy information. Personal employee data and customer information are at risk as well. Installing a firewall with antivirus software is a good start, but sophisticated cyber thieves can still break through the best antivirus programs.
What Does Cyber Insurance Cover?
In the event of a data breach, cyber liability insurance covers the costs involved in recouping data, as well as the related legal fees. Insurance coverage can be packaged in different configurations, depending on the needs of the company. Some of the considerations include:
- Network security failure – These claims are typically made by a customer or client when a network breach occurs. Coverage protects the business in the event of liability.
- Loss of network assets – Coverage allows the company to recoup or replace the data that has been lost, compromised, or corrupted.
- Interruption of business operations – If a computer system goes down, the resulting downtime costs can skyrocket. Business income and expenses are covered with business interruption insurance.
- Media issues – Coverage will protect a business if it suffers from copyright infringement, false advertising, or plagiarism.
Antivirus software is a must for computers, but the smart business owner should also invest in comprehensive cyber liability coverage.