The Importance of Cyber Insurance

As technology quickly develops and becomes more incorporated into everyday activities, understanding the dangers involved and the means to protect your business when it comes to cyberspace becomes vital. Hackers and others with malicious intent are adapting and growing as quickly as technology, posing a threat to any business with information online, especially within the healthcare industry. Cyber risk services are able to protect your business from these dangers as well as cover any losses with insurance. Some elements that can be included in these services are as follows.

Privacy Insurance

In a case of a business where clients, customers, employees, etc. have their personal information stored on the company servers whether through accounts or data management, there is a potential for hackers to break into this information and steal it. If this includes anything that could lead to a loss for the people who had their information stolen, cyber risk services can cover whatever had been lost and protect your business from liability claims.

Phishing and Extortion

There are many ways that someone can trick an employee of your business to give up data and information, causing a loss for your company. Having cyber insurance can make sure that you’re protected from being ruined by scams.

Media Liability

Errors and omissions (E&O) insurance covers in cases where something may plagiarize, infringe on copyright, slander or invade privacy. Online, where a lot of information can be posted by various people, this is an important part of cyber risk services.