Whether stored at your place of business, on a mobile device, or in the cloud, digital information is very susceptible to hacks and breaches which can cost your company dearly if you do not have cyber liability insurance.
All Businesses are at Risk
You might hear about big hacks and breaches more often since they make great news, but small and medium-sized businesses are the most vulnerable. They’re easy targets without the resources or training found in large companies.
Regardless of business size, phishing, malware, cyber ransom and e-commerce attacks continue to rise and the diversity of threats continually increases – that’s why having the right cyber liability insurance policy is so important.
Mobile Data Very Vulnerable
If your Colorado business is like most others, you probably rely on mobile devices such as laptops, smartphones, and tablets. If they’re lost, stolen, or infected your company can lose valuable data.
Mobile devices are more susceptible since many have no antivirus protection, users skip passwords or create very weak ones, and they may not update software as often as they should. Unprotected Wi-Fi access can also lead to data loss.
Complex Legal Obligations
If a hacker accesses your company’s sensitive data, Colorado law requires you notify the affected parties. It is a costly, time-consuming process that can seriously affect your bottom line.
A major data breach can destroy a company if it does not take steps to lessen the impact. This might include hiring more staff and a PR company, training employees, and revamping your business practices.
Capital Loss When You Need It Most
The average cost for a small business is $37k and as business size increases, data loss and cost usually increases, too. You’ll lose customers and revenue, and you’ll need to pay for new technologies, investigations, audits, crisis management, legal fees, and fines. Without cyber liability protection, a breach could put an end to your business.
Your Standard Business Insurance Policy May Not Protect You
Your standard business insurance policy may not protect you from the costs associated with cybercrime. However, Young Insurance can tailor a cyber liability insurance policy to meet your needs.
A good cyber liability insurance policy protects you when a criminal accesses your sensitive data, whether on-site, a mobile device, or in the cloud. It pays for hack and breach related issues such as defending a claim in court from identity theft and paying settlements.
In Colorado, your cyber liability insurance policy may also cover lost fund transfers, lost or destroyed data, extortion, and fraud, credit monitoring services, penalties and fines, and income lost due an interruption in business.
Data is one of your company’s most valuable assets and cyber liability insurance is a reasonable, affordable precaution. Let Young insurance craft the ideal policy to protect your business from the extreme costs associated with data loss.
Contact us – we’re here to help.