Protect Yourself & Your Clients With Cyber Liability Insurance
In our ever-growing digital age, large and small businesses throughout Greenwood and Abbeville Counties are equally at risk for data breaches, both internally and externally. What many business owners do not know, however, is that standard general liability policies do not cover losses associated with technology and Internet exposures.
At David A. Crotts & Associates, we advise all businesses to consider cyber liability protection. Failing to consider this risk can be quite costly to business owners, regardless of size.
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Why would my business need cyber liability insurance?
No matter what industry you are in you are at risk for data breaches. Businesses that store important data such as phone numbers, credit card numbers, or Social Security numbers, either online or on a computer, are more at risk of a cyberattack and could highly benefit from cybersecurity insurance.
Cyber Liability insurance protects businesses against financial losses caused by cyber incidents including:
- Data breaches and theft.
- System hacking.
- Ransomware extortion payments and denial of service.
What coverage is provided by cyber liability insurance?
In general, cyber liability insurance covers two general categories of protection:
- “First-party” coverage: First-party coverage, sometimes referred to as cybercrime coverage, covers out-of-pocket costs to keep your business running, including business interruption insurance, breach notification costs and reputation management costs, regulatory fines and penalties.
- “Third-party” coverage: Third-party coverage, most often referred to generally as cyber liability insurance, provides protection for costs related to legal liability stemming from a breach.
How to reduce cyber liability insurance premiums
We know business owners, especially small businesses, worry about adding a new insurance cost on top of existing business expenses. However, it is important to remember that one cyber breach can lead your company into bankruptcy.
While cyber liability coverage is generally affordable already, there are some simple steps you can take to decrease your risk, including:
- Encrypting information on your laptops.
- Create Internet usage and social media policies. These policies allow you to identify what is important to you and what steps you and your employees must take, to protect your company’s information.
- Set up a firewall to protect your network. Ensure your firewall equally protects internal and external networks, as well as computers, laptops and mobile devices.
- Create strong passwords. A weak password can welcome a hacker faster than you realize. Creating strong passwords (longer passwords, using upper and lowercase letters, numerals and symbols) and changing them on a regular basis will help reduce your risk of being hacked.
Learn More About Cyber Liability Insurance For Your Business
Learn more about how your business could benefit from cyber liability and cybercrime coverage by contacting David A. Crotts & Associates.
Get a Cyber Quote Today