Almost every business has a need for Cyber Liability Insurance. Yet, so many businesses do not carry Cyber coverage. Maybe its the unknown or not knowing where to purchase it. This is a huge mistake.
Insurance Coverage for being Hacked
Cyber Liability Insurance covers your business liability for a data breach or a hack of sensitive customer information. It can help recover the costs that you incur that include business disruption, revenue loss, equipment damages, legal fees, public relation expenses & forensic analysis. What does all this mean? If your business is hacked and you literally can’t access your own computer system (Business interuption), you will lose money, maybe lose customers. Your computer system could be damaged and have to be replaced. If you are sued by customers because of a data breach, your cyber liability insurance can help with the legal fees and representation.
What is a Cyber Attack?
A cyber attack is any attempt to gain access to a computer or computer network with the attempt to cause damage.
Currently, the most publicized cyber attack is known as ransomware. Ransomware is a form of malware (an outside program designed to gain access to your computer system) that encrypts a victims files so they are not able to use or access their own files. A new ransomware attack is reported on almost daily. For any business, this can devastating. Business can come to a screeching halt. Attackers demand a ransom from the victim to restore access to their own data upon payment. Awful.
Yes, both large and small businesses need Cyber Liability Insurance. If you do not have Cyber Liability Insurance in Minnesota, I would highly recommend it. Contact us by phone at (763)767- 0522 or fill out our short contact form listed below. Cyber Insurance is not very expensive, it is every bit important as General Liability Insurance and it is something that your business needs.