The Internet has become a necessity to modern business. From social media to email, databases, cloud storage, and office networks, many Worcester, MA companies depend on connectivity to be successful. Unfortunately, every time you connect to the Internet, you are opening up your company to the risk of being hacked. If your company is hacked, you could be on the line for tens of thousands of dollars – or more – of damages. Cyber insurance can help protect your company against this growing threat.
The facts are sobering: as many as 1 in 3 companies experience some type of cyber attack each year. Denial of service attacks, data and identity theft, and virus attacks can all wreak havoc on your business.
Equally as alarming is the potential cost to your business. Cases involving fraud can cause hundreds of thousands of dollars to resolve, while large breaches can easily run into the millions. Most of these cases cannot be covered by your general liability insurance, leaving you on the line for these expenses. With cyber insurance, you can have protection against a broader range of cyber risks.
Unfortunately, most general liability policies specifically exclude losses that occur due to the Internet. If you do have coverage for data under your general liability, chances are that they will not fully cover everything associated with a data breach. Therefore, insurance experts recommend that any business that uses the Internet or computers consider purchasing a cyber liability insurance policy. Companies that store sensitive information, such as health data, are strongly recommended to have protection.
Many small businesses believe that they are too small to be hacked, but this is not true. Hackers will take any opportunity to steal precious customer and employee data, and they know that small businesses are often lacking the robust security that larger corporations have in place. Even small businesses in Worcester, MA should consider their cyber risks and evaluate their need for a cyber liability policy.
Cyber liability policies can cover a range of expenses associated with a cyber attack or data breach. Your policy may include coverage for:
Policy limits can extend up to $30 million or more, for more full protection against any possible situation (depending on the policy). However, given the range of coverage, most cyber liability insurance polices are an affordable investment for many Worcester, MA area businesses.
Cyber crimes are on the rise, posing a real risk to Worcester, MA businesses. The costs of recovering from a cyber attack can be crippling to your business, and are often not covered under a general liability or other insurance policy. By investing in a cyber insurance policy, you are purchasing broad-range protection for your company against this increasingly common crime.