Security Breach

What You Need To know About Cyber Security Breach and Cyber Liability Insurance

The business landscape of today’s world will never be same since the Internet was introduced to the public. The internet gave businesses the power to communicate with their customer in an instant. However, with the looming threat from security breach to businesses there is a great need for caution.

Security Breach is a Real Threat

If you have an online business or a business that is extensively using the internet, then there significant data exposures or security breach that can seriously harm your business. Hackers of today are getting more skilled in accessing and retrieving business date or sensitive information that they can use for cyber-crime related activities such as virus transmission, fraud and misuse. The skilled hackers are only getting better as technology moves forward, and if you don’t have any suitable protection from cyber security breaches or any form of liability protection then one mistake can bring your business down to its knees.

Security Breach Affects Companies Big and Small Everyday

Massive cyber companies like Target, Yahoo, DropBox and LinkedIn, were troubled by cyber attacks, disclosing countless user accounts and its private details. Fortunately, they have now placed measures intended for such scenarios, and one of that is Cyber Liability Insurance. Yet even small businesses can take advantage of having cyber liability insurance, it offers a tremendous difference in making or breaking a company when it has been struck.

Security Breach Puts Companies at Risk of Lawsuits from Customers

In 2011, Sony experienced a security breach. According to reports, the hackers stole from Sony personal details from their 77 million users from the PlayStation Network, and another 25 million from Sony Entertainment. The hackers stole a wide range of personal details that include debit or credit card information, phone numbers, email addresses and personal details. It estimated that this security breach will cost Sony about 170 million dollars in security updates, insurance, clean-up and investigation. The number does not even include possible lawsuits.

Most people who start their own business do not fully realize the catastrophic results if they are a victim of cyber attacks. The more a business holds data information, the more cyber security breach it is carrying. In today’s world, there is a need for companies to protect and secure sensitive information they control.

Why Protecting your Company from Security Breach is Critical

Fortunately, there are cyber liability insurance companies that offer help when it comes to cyber security breaches and any results that may have resulted from it. A Cyber Liability Insurance offers protection and help from a wide range of cyber-relate breaches. This includes issues that stem from breaches in the security, company email mis-use, libelous content found in company’s public online pages, damages caused by viruses and malwares, failure related to the website of the company and financial losses that resulted from internet down time.

Minimize Risk from Security Breach Attacks with Cyber Liability Insurance

These cyber liability companies will devote a significant amount of time analyzing your business and the cyber risk it carries, then they will help set up fail-safes in case the unthinkable happens. Some companies even offer specialist to help secure your network, putting up a secure firewall as means to protect your network at the very least.

Aside from cyber protection, these companies will also help with cyber-related issues so that you company will continue to run as smoothly as possible despite after a claim and also cover financial costs from security breach like clean-up, security updates and legal actions or lawsuits.

Get a Free Quote Today on Cyber Liability Insurance to Reduce Your Risk from Security Breach

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