Does Our Company Need Cyber Liability Insurance?

Does Our Company Need Cyber Liability Insurance?

These days, we are always hearing about another huge corporation or major financial institution being breached by hackers, with sensitive customer data being stolen. Credit cards, social security numbers, and other personal information are often obtained during these data breaches. This can lead to devastating consequences for the customers, as well as massive financial and legal consequences for the companies.

You may think that purely based on your own company’s smaller size alone, you do not need to worry about purchasing cyber liability insurance in Newton, PA. However, a common and prevailing thought among many experts in data security is that regardless of how large or small your business may be, it is inevitable that you will experience a data breach at some point. This is assuming that you haven’t experienced one already without realizing it yet.

Companies large and small alike get attacked and breached by hackers. However, it is typically only the largest and most well-known companies that wind up making news headlines. If you host a website, conduct at least some of your sales online, and process payments yourself or via third party vendor, you should most likely already have cyber liability insurance in Newton, PA. This will pay for damage awards or settlements, forensic investigation fees, legal defense bills, PR issues, and remediation and notification costs.