With a high volume of customer information being stored online, it’s important that businesses in all industries are protected by cyber insurance. Cyber insurance helps businesses recover in case of a cyber attack.
Cyber insurance is more about the data being stored than what industry your business is in. All companies that store sensitive customer data should purchase cyber insurance. Keep reading to learn more about what cyber insurance can offer your business and why you should invest in it.
Helps Businesses Recover
A cyber attack is a big deal for businesses and their customers who could be impacted by it. Cyber insurance is a key factor in helping a business recover from a cyber attack. After a data breach, businesses may need to provide resources for credit monitoring to their customers and engage in other follow-up actions to restore the data.
Recovering from a data breach is crucial if the business wants to maintain a positive reputation with its customers. Cyber insurance can help businesses cover these costs to ensure that these services can be provided and the business’s image can be preserved.
Monetary Coverage
A data breach can cost companies a lot of money after incorporating legal fees, notifying customers of the breach, and recovering from the attack. Cyber insurance will ensure that your business doesn’t go bankrupt from all the costs associated with cyberattacks. Good cyber insurance will cover the costs of a data breach by reimbursing businesses for what they pay to recover from the breach.
This ensures that the monetary loss that results from cyberattacks will not have long-term impacts on your business.
The Importance of Cyber Insurance for All Businesses
While tech companies can be targeted by cyber attacks, they are not the only kind of business that can experience data breaches. Companies in industries like healthcare and finance are often targeted by cyber-attacks because of the large volume of personal data stored within these industries. Small businesses are also common cyberattack victims because they often forget or neglect to invest in cyber insurance security. However, all businesses can be impacted by cyberattacks and should invest in cyber insurance.
Invest in Cyber Insurance Today
The bottom line is if you own a business that handles or stores customer data, you can be a victim of cyberattacks, no matter your business’ size or industry. It’s important that you invest in cyber insurance to ensure your business can recover in the case of a data breach and is protected from its financial consequences.
Here at Three Arbor, we offer cyber liability insurance to protect your business from online threats. Get a quote to start protecting your business today!
