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Is your business protected against cyber threats?
Last month, our Ansay Strategic Risk Manager, Mike Anderson, provides four actions a business owner can take to identify key internal and external cyber risks. Read part 2 here.
Cyber Liability offers first party (your loss) and third party (your customer's loss) coverage associated with e-business, the Internet, networks and other electronic assets and information.
Cyber liability insurance protects you and your small business from the financial risk of having your IT systems compromised, including legal damages for which you may be held liable.
Cyber liability insurance covers a variety of costs affiliated with cyber security threats, including the ability to pay legal fees and fines for damages, the cost to regain control of your systems after a ransomware attack, and even the ability to replace revenue your company lost due to a cyber-attack. Review your needs with a cyber liability insurance agent to determine your suitability before deciding on the coverage you need.
With the significant rise in cyber-attacks, all small business owners should consider cyber liability insurance a necessity.
Determining the amount of cyber liability insurance you need depends on several factors. You should consider where your small business may be vulnerable, look at several options from different cyber liability insurance providers to get an idea of the options that are out there, and then consult with a specialist to find the best fit for you.
If your day-to-day operations depend on email, internet access, or any form of e-commerce, you are at risk of becoming the victim of a cyber-attack. Cyber liability insurance is the only way to ensure that you are financially protected in the event of any number of catastrophic data or security breaches.
Join us to learn how to properly layer in tools to prevent a security breach.
Watch this video to see if your company should have Cyber Liability apart of your Business Insurance Policy. Let an Ansay Advisor know if you want to hear or learn more
So it’s important to understand and manage your cyber risks before your business is compromised.