There are many business advantages to living in the age of computers, but there are also some serious drawbacks — like the dangers of cyber attacks, data breaches, and hacks. To ensure that your business can withstand these challenges, it is essential to have appropriate cyber security in place. Blue Lion Insurance Advisors, LLC has a history of protecting clients in Red Bank, New Jersey, and throughout Monmouth County, by providing guidance about precisely which types of cyber security insurance they require.
Because our well-informed insurance advisors have comprehensive, in-depth knowledge of all available business insurance providers, we can quickly zero in on the company that can best serve your needs. We are well aware of the terrible damage your company might suffer if it succumbed to cyber attacks. We can provide you with business cyber security insurance policies that can cover your company for business disruptions that may stymie or even stall productivity, lose revenue, and possibly involve costly litigation. Don’t hesitate to call us today to speak with one of our experienced insurance advisors.
How Proper Cyber Security Insurance Manages Risk
Cyber security insurance policies vary and the type your business may require depends on the products or services you provide and the amount and kind of confidential information you store.
The proper insurance policy may cover you for the following, each of which brings its own challenges and costs:
Data breach notification
If your company suffers a data breach, you can be legally required to notify everyone affected, e.g. customers, clients, vendors, staff. Beyond the expenses, this notification process entails, you may have to close up the holes in your security system.
Business interruption
When you lose computer access or capacity, your business activities may slow to a crawl or stop entirely. This is when you may need cyber security insurance to pay rent, salaries, incoming bills, and the increased cost of restoring business operations once the problem is successfully addressed.
Cyber extortion
Malicious software is carefully designed to hold your most essential data out of reach until you pay the criminals an exorbitant fee. While it is possible that law enforcement may be able to track, disarm, and arrest your attackers, it is highly unlikely. In most cases, you may decide to pay the ransom in order to keep your business running. The right cyber security insurance can provide you with the funds you need to do so.
Forensic and legal support
In most cases, you may need forensic experts to investigate the attack and diagnose what led to the breach. As you might expect, such assistance comes at a high price. So do the legal advice and intervention you may require.
In sum, without cyber security insurance, few businesses can afford to pay all the associated costs of a cyber attack and keep their damaged business afloat at the same time.
No Business Is Safe From a Cyber Crime
No matter how skilled your IT staff or how well-designed your business’s security programs, hackers are constantly improving their means of attack. This is an ongoing battle for all businesses and the best you can do is to arm yourself with insurance that can help your company recoup losses and repair damage if and when you suffer a breach.
Your company, no matter how well you fortify it, can always have spots of vulnerability. To think otherwise leaves your business open to severe damage to your profit margin, your reputation, your legal status, and possibly your very existence. Cyber liability insurance can provide you with the peace of mind that comes with the knowledge that you are prepared to survive and flourish even if a cyber crime occurs. Please call us today at (732) 649-1600 or fill out our convenient contact form on the right side of the page.