Sep 9 Why Your Small Business Needs Cyber Liability Insurance

Why Your Small Business Needs Cyber Liability Insurance

While technology usage increases, the attacks on businesses does too!

Businesses upload sensitive data online, such as employees contact details, bank details, social security numbers, as well as important vendor and client information. It’s no wonder that hackers are learning that businesses are a gold-mine. Often passwords are predictable and firewalls can be brought down. Even a simple, harmful, inappropriate comment can be left on a company’s forum website.

There are many ways in which your business can be affected by digital attacks, which is why more businesses are looking into Cyber Liability Insurance.

Digital threats lurk everywhere.

Insurance is a safety net for businesses. Standard policies can pay for a number of damages that accompany a breach such as:

  • Breach notification expenses
  • Credit-monitoring fees
  • Security investigation and repair
  • Cyber extortion expenses

To decrease the likelihood of an attack you can implement regular password changes, train employees to spot phishing emails, and limit access to sensitive information.

Know what cyber liability insurance can and cannot do.

Cyber liability insurance is fairly straightforward. It can only cover damages done by cyber attacks. It would not be able to cover cyber property damage, such as when a hack shuts down an infrastructure and causes physical property loss.

This type of insurance protects your business assets by paying for a legal defense, court-ordered compensation, and other expenses. It allows you to focus on rebuilding and restoring your customers and vendors’ faith without worrying about data breach related expenses!

To get the best cyber liability insurance for you and your business, contact Weeks & Associates Insurance Services. We are conveniently located in Thousand Oaks and are ready to get your Californian business protected!

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