Let’s face it, running your own business can be overwhelming. A business is the sum of many aspects, those that have to do with your profits, those that have to do with your investments, and those that have to do with costs, among others. Since your business is your valuable asset, you want to ensure its success, which is why it takes making the right decisions.
One of these decisions is considering cyber crime insurance one of the most important investments to make for the future of your business. Being part of a time when it’s practically impossible to go by without relying on technology, it’s needless to say your business depends on the use of electronics, however what many business owners don’t see is the potential threat lurking around.
First of all, as of March 2014, a new act was brought about privacy that covers up penalties as up to $1.7 million for companies ($340.000 for individuals) in case it comes to a breaching. As long as your business stores clients’ information in computers, relies on emails, computer programs, and websites, you need cyber crime insurance.
The policies of cyber insurance won’t just cover up the penalties, but the costs with breach notifications as well. A breach happens also when your business’s information is stored in portable devices which then either get stoled or get a virus attack, and this policy would provide you with the necessary cover in the situation of such events.
Perhaps one of the most valuable business assets is your data (including that of the clients), and yet as such basic insurance policies don’t cover it up, which is a reason more to get this sort of insurance. Even if your valuable data has been damaged or destroyed, the cyber insurance cover can provide restoration, or rectification in case of destruction.
Since all sorts of businesses rely on a certain system, in case of a hack, your whole business can be interrupted, and contrary to the belief, just about any business interruption insurance won’t do, as it won’t cover for the loss of profits like the cyber crime insurance can, since the threat from a non-physical attacker is seen equally as any other attack.
When a cyber attack happens, your reputation is at stake. Clients would no longer feel safe, they’d choose to switch to your competition instead, and before you know it words start spreading around. With the help of such an insurance, you’d get your peace of mind knowing even in the case of an attack, you’d get a PR help to restore the loss, and cover up the financial loss.
Have in mind, even if your business is small, it’s still at the risk of being attacked by a hacker. The problem is, most often, owners of small businesses see this sort of insurance as more of a cost than a worthy investment, when in fact it would pay off in the long run and ensure the safety of their business, so don’t make that mistake and get covered as soon as possible.
Cyber threat is real, and you are exposed to it daily, so why not get the proper coverage designed for your business?