The Importance of Cyber Security Insurance
Businesses are increasingly taking their functions online – whatever can go virtual, is going virtual. Because of this, it’s more important than ever to ensure your digital data and property are properly secured against threats, including loss or damage to electronic data cyber extortion.
No matter the size or industry of your business, you are a potential target for hackers. Security breaches go beyond stolen, lost, or damaged data; these breaches cost companies both time and money for restoration and recovery without the proper tools and protections. Follow these three key steps to make sure your business is secured against all cyber threats.
Analyze
Analyze the data your business stores to understand where you might be most vulnerable. Often we hear of credit card information as the primary target of cyber-attacks, but this is not the only data vulnerable to a security breach. Depending on your business, you might have different information that is just as valuable. Personal information, client lists… any kind of private data you would not disseminate publicly can be targeted by cyber-attacks. Review your data regularly to keep security measures up to date.
Educate
Cybersecurity is not just the IT department’s job to handle. Cyber-attacks generally target the “weakest link” in companies, meaning that every employee needs to be informed regarding cyber security risks and best practices. This is your best defense against future security breaches. The more your employees know, the more secure your business can be.
Secure Computing Tips from UCBerkley Information Security
- Keep software up to date
- Beware of Phishing scams
- Practice good password management
- Be careful what you click
- Never leave a device unattended
- Be aware of protected information
- Use Mobile devices safely
- Back up your data
Protect
Make sure you’re protecting your business with the right partners and platforms. Insurance and security needs can vary widely with different business sectors, sizes, and other variables, so it’s essential to find the best-fitting plan for you.
With the help of Amplified Insurance partners and our industry experts, let’s create a Cyber Insurance Plan customized to you and your business needs.
Together, we will walk through the types of coverage you need, making sure you understand all aspects of your cyber risks while remaining cost-conscious. We’ll discuss both First-Party Coverages like loss of income and extra expenses or damage to electronic data, along with Third-Party Liability Coverages like electronic media, network security, and privacy liability. Our experts will help you ensure your business is fully protected at competitive costs. Contact us today to request a consult.
