Perhaps one of the most discussed topics of the year was the Equifax breach. With over 145 million Americans having their information compromised, it was a clear wakeup call in the cyber security world. No company is truly safe from hackers, and it's time to recognize that it isn't just large companies that experience breaches.
In recent years, there are a rapidly increasing number of attacks against companies of all kinds. With the rise of cyber risks, there are more things for businesses to consider in their strategy than ever. There is a wide array of cyber security strategies, including antivirus, spam filter, firewalls and much more. One of the most important things to consider that is often forgotten is cyber liability insurance. This is important for all companies to consider, but especially those that have IP (Intellectual Property).
It's always shocking to hear about large hacks, breaches and leaks in the news, but as the years go on it has become more and more frequent. Some of the largest breaches this year include Verizon, Uber, and Equifax. These affected millions of users and the companies themselves. This is where cyber liability insurance comes in. So, what exactly is cyber liability insurance? Just as every business plan, there is no one-size-fits-all solution for cyber insurance. It must be tailored to a company, its risk factor and its needs. Essentially, cyber liability insurance not only helps account for funds to make up for lost business but also helps cover costs from the breach itself, as breaches are very expensive to bounce back from.
Some of the costs that you may be liable in a breach or hack include costs that may have been incurred by customers or other third parties as well as the costs incurred for your business itself. In addition to protecting your business from the funds lost in these breaches, it's also good to have insurance for the lawsuits you may face. Cyber insurance has been around for many years, but has developed at a rapid pace to keep up with the increased risk of breaches.
Cyber liability insurance is a must to consider at this point for any business. It helps protect your business it ways that you typically wouldn't even think you needed, but as time goes on it's clear that breaches can happen to anyone.
By utilizing a security strategy that is specific to your business needs, you ensure that your business stays up and running even when tragedy hits.