Even if your company updates its computer virus software regularly, you’re still at risk from cyber-attacks. These assaults come in a variety of forms beyond viruses and include such things as external hacks, internal security breaches and phishing e-mails. Each one of these attacks leaves your company vulnerable to data breaches and losses that can negatively impact your bottom line. Cyber security insurance provides you with the means to safeguard your business against litigation expenses resulting from cyber-attacks.
No matter the size of your business, if anyone in your company uses computers in the course of doing their job, your company needs to have a cyber-security plan. After a cyber-attack on your computers, your business could encounter a wide range of unexpected expenses that drain your firm’s financial reserves and force you to close your doors for good. These costs include crisis management, expenses from business interruption and notifying your clients and employees about the breach. In addition, your company faces potential litigation from third-parties that result in civil awards, judgments or settlements against your company.
Smart companies include cyber security insurance when they’re developing their plans for dealing with a cyber-attack. Make sure your business has what it takes to survive such an attack by reviewing your insurance policies today.