Any business that uses technology or collects data is at risk of a cyber-attack, and the results can be catastrophic. Without securing a dedicated cyber policy, most businesses likely do not have adequate insurance coverage following a data breach.
Cyber insurance can be essential in helping your company recover after a data breach, with costs that can include business disruption, revenue loss, equipment damages, legal fees, public relations expenses, forensic analysis, and costs associated with legally mandated notifications. A lesser-known benefit of cyber insurance is its role in protecting your company long before a breach occurs.
Following are some ways that cyber insurance can provide coverage:
Lost Data
Companies are responsible for their online data, no matter where it is stored. Whether stored on your property, in an offsite data warehouse, or in a third-party technology company cloud, you may be held liable if any personally identifiable information gets exposed. If a breach does occur, a Travelers cyber policy can cover breach notifications and remediation expenses, subject to the applicable retention. It also can cover defense expenses such as responding to and cooperating with regulatory investigators.
Lost Devices
Today’s mobile workforce means that laptops and other mobile devices often leave the workplace premises and may be stolen or compromised, potentially exposing private or confidential data. While you cannot wholly prevent theft or loss, your organization can take steps to protect and limit the amount of data on each device, such as implementing procedures for using effective passwords and mandating periodic changes. Avoid storing any private or confidential data on laptops. Or, if necessary, store only encrypted data or access it via a secure connection to a server. If a breach does occur, a cyber policy can include Network and Information Security Liability coverage, which provides protection for failure to prevent unauthorized access to, or use of, data containing private or confidential information of others. The costs for a single lost laptop can include more than just the cost of the device, such as legal costs, investigation, and miscellaneous expenses.
If we made you think about securing your business data, please call us: https://www.insuranceideal.com.cy/contact
