Social media, online purchase transactions, and technology play key roles in how most businesses operate and the way they reach out to their prospective customers. However, you cannot fully prevent data loss and data breaches. This is why most businesses today are investing in general liability and physical security insurance. There is one major drawback: most of the cybersecurity is limited to some antivirus software and firewall. In the end this leaves small businesses vulnerable to cyberattacks – which occur on a daily basis.
According to most cyber insurance experts, major data loss and breach can result in a business eventually shutting down and some can barely survive for the next year. If your business collects data or using technology it is 100% at risk of a cyberattack.
Investing in Cyber Insurance can help your company recover all the data loss, costs which include revenue loss, legal fees, business disruption, equipment damage, forensic analysis and public relations expenses. On the other hand, investing in a trusted and reliable Cyber Insurance company may be able to help you avoid a data breach.
Why You Need Cyber Insurance
- Prevent Risks
“Prevention is better than cure” is what people say. The same goes to both big and small businesses that are all at risk of cyberattacks. Fortunately for some companies the unlimited capital and resources could help them bounce back and recover after a cyber incident. Some small businesses may not have these advantages to recover after a data breach or cyber incident easily To avoid a major calamity, such as bankruptcy, investing in cyber insurance is the best choice.
- Protect the Company’s Data
Companies are accountable for their data, and this is one of the most critical business assets you need to protect. Data is probably more valuable than the equipment in which they are stored. A good Cyber Insurance policy offers complete coverage for data restoration in case of data loss.
- Social Media Usage
Most online businesses depend on social media platforms for marketing. However, these platforms lack the right security allocation when it comes down to what and how messages are presented. This can often result in some claims and allegations about your employees breaching company protocols and leaking information, infringing copyright, or spreading libelous comments. Protecting against these claims can be costly but a firm Cyber Insurance policy covers those costs.
- Secure your Reputation
Your company’s reputation is your best asset, so protect it at all costs. Cyber Insurance can help you maintain your good reputation and help keep and/or restore your customers’ confidence should a breach occur.
Although regulators don’t necessarily require a cyber insurance policy, the fact remains that it is a vital factor that you shouldn’t overlook when it comes to your business. Cybercrimes happen anytime--especially when you least expect them. Staying secure and insured is the only way to protect not only yourself, but also your business.
Cyber Insurance is an imperative investment that your small business should seriously consider and we are here to help. If you are interested in protecting your business, reach out to us: 1.800.886.0305, email@example.com, or visit our website to schedule an appointment.
Consultative Insurance Group, Inc.
1.800.886.0305 | Corporate Office: 25800 North Depot St, Olmsted Falls, OH 44138 | consultativeinsurance.com