Most companies rely on cyber networks to conduct business and reach new customers. Meanwhile, cyberthieves become better at stealing company and customer information all the time. If you are wondering whether your company needs to purchase cyber insurance, consider the following questions.
Do You Have a Website?
If your company has a website, you probably need a cyber policy. Even seemingly small websites contain a tremendous amount of company information. They also serve as the public face of your organization to a large swath of customers. If a cyber attack compromises your company’s website, you likely want the pace of mind of having cyber coverage.
The right coverage probably protects your organization from the following:
- Loss of revenue
- Business interruption
Do You Obtain or Retain Customer Information?
Likewise, if your company collects or stores customer information, you probably want to be sure you protect it from liability following a data breach.
Cyber coverage may provide the following:
- Assistance with discovering the cause of the data breach
- Help to notify employees
- Coverage for settlements and judgments
If your organization has a website or process customer information, it is at risk of falling victim to a cyber attack. With the right cyber insurance policy, you can likely protect your company from the negative effects of a data breach.