TUESDAY, NOVEMBER 21, 2023
The threat of identity and financial theft is growing. Large companies have faced significant breaches with their customers' credit card information or Social Security numbers being leaked to the Internet. Accounts have been hacked. If these large companies, with the high level of tech security in place, can still suffer a threat like this, it's likely your small business is at risk as well. Take a look at your business insurance. Do you have cyber liability protection?
What are the Risks? 
Cyber threats are growing in terms of the number any business may face. These are hacks that get around complex security systems and firewalls. In many cases, your business will not know they happened until it is too late to stop it. And you may be faced with needing to deal with the liability risk right now, long before you try and figure out what happened.
- Your confidential business information may be exposed
- Your customers' financial information may be shared
- Your customers' Social Security numbers may have been stolen
Someone may be able to use this information for their own financial gain. More common is the sale of this financial information and identification details to thieves on the other side of the globe. When this occurs, your business is left to pick up the pieces.
Paying for the Financial Liability
When you have cyber liability insurance, you minimize these financial risks to your company. This type of business insurance can help to cover any type of litigation against your company from those whose identity or financial information is stolen. In addition, this can also provide coverage for the forensic assistance necessary to determine what happened and who is responsible. Some policies also offer free data security risk management services for those who suffered loss, such as your customers.
Business insurance should cover cyber liability risks. Even if your business isn't in the cloud, credit card transactions can easily be compromised. Even with the most sensitive security in place, your company could see significant loss from a single instance of data breach. Take action to ensure you have ample coverage in place to cover the ongoing risks associated with cyber threats.
We’ll help protect your company’s interests. Call Stewart Kriese Insurance Agency, Inc, for more information on cyber insurance.
What are some measures your business has taken to boost digital security? Let us know in the comments section below.
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