Cyber Insurance for Your Business

Technology has changed the way that modern companies do business. Transactions are completed online. Sensitive customer information is collected using credit card terminals and other devices. These online transactions and data capture activities can leave your company liable for any security breaches that result in sensitive customer information being compromised.

Cyber insurance can offer financial protection against the lawsuits, notification process, and other damages a data breach can cause.

Reimbursement Coverage

A quality cyber insurance policy should offer your company reimbursement coverage for any fraudulent charges that occur as a result of a data breach. Customer credit card information is commonly targeted by cyber thieves. Once this information is obtained, the credit card numbers are used to make fraudulent purchases.

Your company could be responsible for reimbursing your customers for any financial losses caused by a breach in your data security. A cyber insurance policy will help offset these reimbursement costs so that your company can avoid financial ruin.

Government Defense Coverage

Data breaches are a serious matter. It is not unusual for government agencies to get involved in the investigation of these security failures. Your company could find itself in a position where it has to defend itself against government inquisition.

These investigations often result in regulatory fines and penalties that can cost your company a significant amount of money. A cyber insurance policy that offers coverage for your defense costs during a government investigation can be beneficial in helping your company move past a data breach.

Loss Coverage

The price of a data breach can be steep. Not only will you have to contend with legal fees and reimbursement costs, but your company's reputation might also be damaged within the marketplace.

You may find that you experience lower sales in the months following a publicized data breach. Your company can also experience business interruptions as a result of government investigations.

A quality cyber insurance policy will help offset these negatives by providing financial coverage for your company's losses. Loss coverage ensures that you will be able to continue meeting your financial obligations until business returns to normal following a data breach.

Insurance policies are some of the most important products a company can invest in. If you plan to accept credit card payments or conduct business online, you should speak to your insurance agent about securing a quality cyber insurance policy for maximum protection against financial loss in the future, and they can also answer any other questions about insurance coverage that you may have.