In a world where almost all humans are dependent on computers, cell phones, credit cards, even the smallest business is at risk of hackers, malware and computer viruses. Confidential client information can be easily stolen and misused resulting in costly lawsuit and reputation damage. To avoid all this, you’ll have to rely on the services of a professional cyber crime insurance broker.
Hiring a certified and reliable cyber crime insurance broker can help you protect your business from the aforementioned risks and much more. It can help you cover out of pocket expenses, defense costs, fines, claims by customers, employee fraud and dishonesty, as well as many other unexpected expenses. For those of you who’re wondering, the general liability insurance can’t cover cyber liability, and every reliable and reputable cyber insurance broker should know that. The general liability can cover only bodily injuries and property damage resulting from your business services, products and operations, while cyber insurance can cover other things like:
- Breach Costs – in case your systems are breached, cyber insurance can cover the costs to figure out what went wrong as well as all the costs related to notifying customers, minimising brand damage and setting up monitoring services;
- Privacy Protection – the cyber insurance also covers the costs of defending and settling claims against you because you haven’t been able to keep your clients’ personal data secure;
- Cyber Business Interruption – recompense for reduced or lost revenue as a result of hacked system;
- Hacker Damage – the cyber insurance can also cover the expenses to repair or replace systems and data as a result of hacking;
- Cyber Liability – it can also cover the costs and fines in case you transmit a virus, breach IP rights or make a defamatory statement via your website or email;
- Cyber Extortion – payments of specialist consultant fees and demands when the hacker holds or threatens to hold your website, internet, network, data and program to ransom.
So, whether you are a small, medium or a large business company, these days, you are at a constant risk of a hacker attack. The chances that you won’t always have the needed resources for getting back on track in a situation like this are huge, so why risk it?! With this type of insurance provided by a professional broker, you can protect your business from hackers while staying true and professional to your clients.
