With the boom of the internet, business has changed and adapted to utilize this valuable tool. The internet has helped to boost sales for many businesses and has enabled companies to further promote their physical establishments as well. Online ordering and purchasing inventory has been simplified through the internet and offices can now be networked together for better communication. From offering memberships to your clients to accepting credit card transactions, the internet undoubtedly plays a vital role in your company’s operations. However, with all these new opportunities for your business comes all new arenas ripe for cyber theft. Just as businesses have adapted to this new connected world, so have criminals who can utilize this network for harvesting vital data.
Unfortunately, most businesses are not fully aware of their exposure to cyber risks. What’s worse, is even more businesses lack the resources they need to protect themselves against the significant cost that can result from a potential security breach. If you do not yet hold a cyber liability insurance policy or you are uncertain whether or not your business needs this form of insurance, we invite you to reach out to our team today. We will be happy to work with you to determine if this is a viable solution for your company.
What Is Cyber Liability Insurance?
Cyber liability insurance is a policy that acts to protect your business against the risks associated with cyber crimes. With the constant increase in the reach of technology in the business world, cyber crimes are on the rise. These crimes usually target sensitive data and can result in a costly data breach. While you may imagine data breaches only affect large corporations or companies you read about in the news, the reality is that cyber crimes happen to all businesses, regardless of size. In fact, it is often the case that startups and other small companies are particularly at risk due to their limited resources for protection against such crimes. By investing in cyber liability insurance, these companies can help protect themselves against future attacks.
Who Needs Cyber Liability Insurance?
Because cyber crimes can happen to any company that implements the use of technology and the internet in their daily operations, particularly in the case of storing sensitive data, most companies would be wise to invest in cyber liability insurance. Different businesses will benefit from specific coverages, which is why it is important to talk to your risk management consultant about what is the right fit for you. For example, a company operating in the medical industry will require different coverage than a hotel. Both companies, however, will be served well by cyber liability insurance. While small business owners often mistakingly believe that their general liability insurance will help cover these risk, the reality is that cyber crimes fall into their own unique arena and require specific insurance policies.
What Will This Policy Cover?
At Brady Risk Management, we offer Cyber Liability coverage tailored to client’s specific needs. There are a huge variety of factors to take into account when choosing the right policy for your business, which is why we take the time to assess your company’s needs before pairing you with a policy.
At Brady Risk Management, we offer Cyber Liability coverage tailored to client’s specific needs.
Coverages We Offer:
- First Party Privacy Breach
- Notification Expenses
- Monitoring Expenses
- Crisis Management Expenses
- Data Replacement
- Extortion Threat Expenses
- Business Interruption
- Third Party Liability
- Media Wrongful Acts
- Network Security Wrongful Acts
- Privacy Wrongful Acts
- Regulatory Proceeding Claims Expenses
- Payment Card Industry (PCI) non-compliance fines
As you can see from this extensive list of coverage, there are more cybercrime risks than you may first realize. Due to the relatively new nature of cyber crimes, many small business owners are simply unaware of how risky it can be to not invest in specific coverage. If you are concerned about the risk of cyber crimes to your business, take action and speak to us today about choosing the right policy.
Why Choose Brady Risk Management?
In addition to making sure you have the right coverage, Brady Risk Management will work with you to reduce your upfront exposure and develop effective new protocol and procedures to minimize risks. We believe in taking a holistic approach when it comes to handling your risk management strategy. While cyber liability insurance might be one important key to protecting your business, it is definitively not the only one. A good risk management strategy should approach the situation from a variety of angles, trying to determine the best way to offer your company the most protection possible for the least cost to your company.
For this reason, we go beyond the normal policies offered by insurance companies and provide an analysis of areas you could improve upon to guard your company against further risks. We can work with you to improve and create a more secure system to help lower the risks you face. When you pair this with the right cyber liability insurance policy, you are far better off than before. Make sure that instead of just choosing a one-size-fits-all policy, you work with a team who will delve into the specifics of your company. If you are interested in learning more about our array of risk management services, we invite you to reach out to our team today. We look forward to helping you create the best plan for your company to effectively and intelligently face the risks your business faces on a daily basis.