The technological era has made us faster and more efficient. It has brought about conveniences that were unthinkable only a couple of decades ago. But, there is always another side to the story.
In the case of your business's online information, cyber security is crucial to maintaining client loyalty and trust. When things go awry, your company must be ready to weather the storm, which can include serious financial fall out. Cyber insurance can help see you through to the other side.
Consider the Benefits of Cyber Insurance for Your Business
Here are some facts about cyber insurance:
- The majority of companies list cyber security as their Number 1 business risk, yet only 45% of them actually purchase cyber insurance as a precaution.
- Small companies are not immune. The U.S. Secret Service and Verizon Communications, Inc reports that small to medium sized businesses account for 72% of all major data breaches.
- Failure to change passwords to servers, clouds, tablets, laptops, databases, etc. is one of the number one reasons data/security breaches occur in the first place.
When these breaches occur, your company will be spending a significant amount of time, money and energy trying to repair the damage, in addition to the customer service and PR required to appease clients and rectify your public image.
Cyber insurance is not included in the typical commercial liability policy, and the premiums vary according to the nature of your business. Contact CCW Insurance to learn more about the benefits of cyber insurance.