As technology continues to grow, develop, and evolve, so too does its impact on our lives. Technology helps us run our businesses, grow our client base, and store important information. But as technology evolves so too does the sophistication of Cyber Crime. Just like traditional crime, there are always things we can do to try to prevent an attack, and there are things we can do to protect ourselves financially if one does happen.
How to Insure against Cyber Attacks:
If you’re in a situation where someone has hacked your system or you’re experiencing a network security incident and/or privacy breach. Having the right insurance in place can be the difference between this being a minor incident, and a major disruption to your business. There are two important coverages you’ll want to make sure are included on your policy.
Cyber Event Expense: Provides coverage for your computer system against computer viruses and/or violations. This endorsement would help cover the costs of restoring or recovering electronic data, and privacy breach expenses to notify your customers that their private information may have been compromised as a result of a network security incident.
Cyber Defence Liability: There are cases where a 3rd party may allege damages or harm resulting from your data breach and bring a suit against you. Defence liability provides coverage for the defence costs associated with a suit and pays the cost of any judgement against you.
Technology can be a great asset to your business, but it also poses a great threat. If you rely on your computer for your business, or if you collect and store customer or employee data, you’ll want to make sure you are properly protected.