The security of your business is dependent on each employee recognizing cyber scams and risks and responding appropriately. Most successful hacks occur due to human error, and these data breaches come at a high cost, so don’t take the chance. Proactive protection is critical.
Cyber / data breach insurance is not just for organizations of a specific size; because every business has a cyber footprint, all companies are susceptible to cyber attacks. Aside from the obvious concern of your data, there is a financial burden that comes with a system breach. Costs could include
- data / system reconstruction,
- legal fees,
- forensic experts,
- regulatory investigation or fines,
- a third-party privacy or network security lawsuit, and
Insurance can mitigate these costs, which stack up fast. Cyber insurance covers everything listed above as well as business interruption, funds transfer fraud, and fraudulent theft of personal funds. In fact, the coverage is so essential, many companies require it for professional partnerships.
Cyber hacks are random and frequent. Without proper coverage, you remain unprepared. Call our Property & Casualty division at 913.647.3946 to learn more.