Cyber risks pose a huge threat to businesses today, and can compromise a company’s financials, trade secrets and confidential employee and customer information. Companies that are attacked face lawsuits that can end up costing them millions. If you are a business owner and conduct a great deal of business in the cyber space, it is your responsibility to protect any and all information stored digitally from cyber threats. Unfortunately, nothing is foolproof, so to protect yourself from threats that you cannot anticipate, you should invest in cyber risk insurance in Indiana.
Cyber liability insurance is there to protect you financially when your digital information is compromised. Ideally, your policy should cover liability for loss of confidential information and failing to adequately protect that information; costs associated with a privacy breach; costs associated with business interruption and business restoration; expenses associated with cyber terrorism; and costs associated with reputation management. Whether you find yourself in the midst of a lawsuit for allowing sensitive information to be stolen, or your business becomes the victim of libel, slander or copyright infringement, a cyber liability policy can ensure that you won’t suffer any more financially than what you already have.
General business insurance policies do not cover cyber risks, which is why it is so important to invest in coverage specifically designed to cover your firm for cyber exposures. If your business is like most and you store information digitally, invest in cyber risk insurance in Indiana before your organization becomes the next victim of a cyber breach.