Internet security for your business is just as important as security for your physical storefront or office space, especially with the increase in remote work for many organizations And just like you would purchase property insurance and other types of protections for your physical assets, you should also consider how you can safeguard your online spaces against damage that could impact your financial future and reputation. Cyber liability insurance is one of the best ways to protect against the many threats that come alongside working in the digital era.
What Does Cyber Liability Insurance Do?
The primary purpose of cyber liability insurance is to cover you if you are implicated in a security or privacy breach, a ransomware attack, social engineering loss, or malware launched by hackers. These events can result in leaking protected information or even suffering damage to your computer system. Attackers can focus on your business at any time and from any place around the world, meaning that you should make sure to carry a robust policy that protects you from a wide range of potential pitfalls.
Forms Of Coverage We Provide At Atlas
Coverage within a cyber liability insurance policy can vary based upon your budget and your business’ needs. Some of the most common types of coverage that a cyber liability insurance policy offers include assistance with litigation expenses, protection against business interruption as a result of a digital attack or compromise and defense against cyber extortion.
The type of data that you handle and what your business does on a daily basis will determine what type of cyber liability coverage you need.
Liability For Leaked Information
While some businesses keep their information very simply, the majority will be working with at least some confidential information from their clients and customers. Cyber liability insurance safeguards you from the financial consequences should such information be leaked. For any entity that works with private information such as health data, cyber liability insurance is crucial in order to comply with HIPAA and other legal requirements.
You may be holding sensitive information without even realizing it, such as consumers’ IP addresses. If you are unsure whether you need protection against data leaks, speak with an experienced cyber liability professional.