It’s Time to Add Cyber Liability Coverage to Your Program
Over the past couple of years, there has been an enormous amount of cyber-attacks launched against companies throughout this country, small, medium and large companies, investments firms, government agencies, political campaigns, non-profits, and the list goes on and on. It seems that no one entity is off limits, that’s for sure. It seems every day there are reports of a new major data breach, exposing thousands of customers debit and credit information, or vital health information, among the many things that can be exposed.
In the past many small and medium sized companies looked at cyber-attacks only happening to large corporations and that since their size was much smaller posed no risk from hackers. As we have witnessed as of late, this is just not the case and small and medium sized companies are looking at not only beefing up their networks, but also making Cyber Liability Insurance Coverage Phoenix a part of their overall insurance program.
Almost every company out today that uses technology to conduct business will face some kind of cyber risk, and with technology becoming more sophisticated, as well as complex, the cyber-attacks will only increase, which is why companies will need Cyber Liability Insurance to protect them. In the past, a vast majority of small and medium sized companies didn’t dedicate the necessary funds to secure their networks and hackers became very aware of this opportunity and hence the reason hackers have turned their attention to this segment of the market. It’s not a question of if you are going to have a data breach, it’s a question of when you will have a data breach and are you prepared to deal with it?
Now the front pages and headlines on various websites usually only broadcast the major cyber breaches at large corporations or institutions, but at the same time, hundreds of attacks are happening all over the country on all kinds of businesses. One important item that all companies need to be aware of is that there are many more ways that your vital information can be leaked and that your servers isn’t the only way. Break-ins are one, another one is disgruntled ex-employees who decide they want revenge for what they see as some kind of injustice that was done to them, also, how secure your network is when it comes to vendors that may have access to it for a variety of reasons.
Take a long look at your company’s situation, could it survive a cyber-attack? Also, with the company’s vital information stolen, what would this type of action do to your company’s reputation, and ask yourself if that stellar reputation could be restored? We highly suggest to our clients that it would be in their best interest to have a security consultant come in and evaluate the company’s operations, their current security, what employees and/or venders have access to, where the data is stored, and what protocols are in place would a breach occur to ensure the crisis is handled properly.
Once you have your company’s security reviewed and upgrades implemented, we highly urge our clients look at adding a Cyber Liability Insurance Policy to their overall insurance program. Even with the best of protections in place, breaches are still a reality and in all likely hood going to happen at some point in time. At PJO Insurance Brokerage, we have access to numerous carriers who have array of Phoenix business insurance products that deal with Cyber Liability Insurance and can find the proper coverage for your particular business.
Cyber liability insurance cover can include:
- Data breach management
- Multimedia/Media liability
- Third-party damages
- Extortion liability
- Network security liability
As we have said many times before, it’s not when a cyber-attack will affect your company, it’s just when. Being prepared for one can mean the difference between surviving the attack or closing your doors forever. According to some insurance experts, the risk of cyber liability losses could exceed the risk of fraud or theft. To learn more about having Cyber Liability Insurance Coverage can be an asset to your company, please contact PJO Insurance Brokerage today. We look forward to working with your company in the near future.