In today’s world, the internet is the lifeline that connects everyone to everything. Whether it is business to business or business to customer, the data pathways make everything work. The key is making sure those pathways and the information they carry are always secure and fully protected. No matter how hard you try to protect the information that is vital to your business, you will still encounter risks. Hackers are quick to learn new tricks and can always find new ways to attack your network and gain access to your confidential information. Thus, having cyber insurance is just as important as having liability insurance for your business.
Small Businesses Are More Vulnerable
Small businesses are extremely vulnerable to cyber threats simply because they may not have the financial means to protect their networks. Having a cyber insurance policy in place is the first step in protecting your company’s financial interests. There are several things that a small business can do to keep its internet network and data secure. Using two-step authentication and installing a quality anti-virus program are some of the effective methods of protection.
Your Data Has Value
Whether it is your company’s data or third-party data, it all holds value. If it is lost or stolen during a cyberattack, you will be held responsible for the resulting losses. It’s up to you to make sure your network is secure and protected from falling into the wrong hands. Cyber insurance helps to defray the cost of compensating others if their confidential information is compromised. Protecting your data should be just as important as protecting your inventory or your commercial property.
Penalties for Violating Merchant Service Agreements
Credit card sales are transacted over internet networks that are governed by Merchant Service Agreements. If your company’s network is hacked or compromised and customer data is lost, you will be held responsible. The penalties that are associated with credit card crime can devastate your business. Having a good cyber insurance policy in place will help protect your company from bearing the brunt of the loss.
Protecting Your Company’s Reputation
Cyberattacks may not always involve financial information. The use of social media has opened even more avenues for hackers to wreak havoc on your business. While it is important to do what is necessary to protect your information, having a cyber insurance policy in place will help your company stay at the top of its game.
The risk of cyberattacks will always be present, no matter how advanced your security protocols are. As quickly as technology advances, hackers will be close behind finding new ways to attack your internet networks. Our experts at Locke Insurance Group have the knowledge and experience you can rely on when it comes to finding the right cyber insurance policy. We understand the frustration of trying to protect yourself from an unseen attacker, which is why our team always goes the extra mile when it comes to protecting your business. Contact us today to get started!