The Target security breach, as with other such scandals like the TJX security breach or perhaps even Epsilon who fell to a spear-phishing attack, have taught us that having cyber security coverage can protect you from situations that will take you from reputable to repugnant in a matter of minutes. Data loss expenses can cost you dearly and possibly bring your once prestigious company to its knees. As a society, from the moment we can walk and talk, we have a lack of fear and suffer from what we might label a “that won’t happen to me” attitude. Then situations like these arise and we once again learn that the bad guys will always find a way to circumvent the current security features in place.
Make no mistake about it; there are some who err on the side of caution by working closely and regularly with their insurance agents to ensure that reality gets married with possibility. This helps to govern what they build their insurance parachutes with; which at the end of the day becomes what they might refer to as “the golden parachute”.
Including coverages such as Flood Insurance, Travel Insurance and even Cyber Liability Insurance helps company executives and owners sleep better at night knowing that although they might never need this insurance, it is always better to have and not need than need and not have. So if you are still not convinced:
5 Great Reasons You Should Consider Cyber Liability Insurance.
- It isn’t as expensive as you might think.
- You will most likely experience a business interruption if you are a victim of a security breach. Compliance to breach notification will cost you time and money. Cyber liability coverage will help you pay for necessary procedures including notifying customers, hiring legal staff and PR firms for damage mitigation.
- The law does not care if you host sensitive data at your facility; you are still responsible for it.
- Data is one of your most important assets. A general liability policy most likely does not have the coverage you need for this type of catastrophe.
- Cyber crime is the fastest growing crime in the world. It is not just big business’ who become targets. Smaller companies who may not have the resources to “right their ship” are vulnerable too.
Whether you are compelled by one of these reasons, your own reason or perhaps an experience of someone you know, you should call your insurance agent today to discuss available coverages and determine which one is right for your business.
