If you think that your company is not vulnerable to a cyber attack, or that cyber breaches are covered under your present insurance policy you are wrong on both counts. Companies that store credit card information, medical records, or other consumer information realize the importance of cyber coverage. But, regardless of whether or not your business stores those types of personally identifiable information, you may still have employee information, third-party corporate confidential information, or first-party exposure if you rely on your network to produce goods and services. If you are in business, you need to realize you need this type of insurance because cyber breaches are on the rise.
All Companies Are Exposed
It doesn’t matter whether you are a large, medium, or small company, if you use computer data then you are exposed to cyber breaches. Although larger companies seem to understand this, small companies are harder to convince. Some small companies think that if they take credit cards but outsource to a credit-card processor, that the risk does not lie with them. The truth is that smaller companies may be more at risk for attacks and the damage cyber breaches wreak. Statistics indicate that one out of five small businesses is targeted annually, and nearly 60 percent of those businesses close within six months after the attack. Data breaches not only affect you financially, but the reputation of your company can suffer too.
You may think that general liability coverage protects you against cyber attacks, but that’s not the case. Only cyber liability protects you against cyber attacks. Cyber liability is the only coverage that protects you against data loss caused by viruses and computer hacking. Cyber insurance coverage continues to change and grow in order to protect businesses in the many ways required.
ABOUT YOUR DALLAS INSURANCE COMPANY:
With over 20 years of experience in the insurance industry, the Jeff Van Matre Insurance Agency can help you choose the right coverage plan to protect your personal and business assets. To learn more, or to get a free quote, call our Carrollton office today at 972-492-8500.