Cyber-attacks on businesses are a rapidly growing global reality. While the total costs are difficult to gauge accurately, global damages are now estimated to top one trillion dollars. Have you considered the business implications of cyber crime or contemplated obtaining Indiana cyber security insurance? Here are three top ways cyber crime can impact your business.
1. Loss of Assets
Your business’s credit and banking information may be stolen during a security breach along with a potential loss of funds in accounts. Businesses often believe their bank will cover losses, but this may not be the case in reality. Your business funds could be a complete loss.
2. Legal Problems
A data breach can result in sensitive customer information being stolen. Should your business’s information security protocols not meet standards, significant legal liability may be incurred.
3. Loss of Reputation and Goodwill
It is estimated that as many as 60 percent of hacked small to medium-sized businesses fail within six months. Reputation damage can be irreparable. When a cyber-attack results in stolen customer financial information, there is potential for an operations halt. New customers may be hard to find after the loss of trust and confidence of existing customers
Indiana cyber security insurance can help mitigate damages incurred by your business in the increasingly likely event of being the target of a cyber crime.