Cyber attacks are on the rise, and it’s hard to secure your business against new threats every day. How do you protect your company? Is cyber liability insurance right for you?
A cyber attack could happen to anyone. Whether you’re a large business or small business owner, you should be prepared with cyber liability insurance and the right cyber security protection. What is the difference between a cyber liability insurance policy and cyber security protection?
Cyber security and cyber liability insurance are two parts of a whole.
The first part is cyber security protection and the second is cyber liability insurance.
Cyber security protection
When you think of cyber security protection, think of the plans you have in place to protect your business. Does your business use firewalls and secured servers online? Does your business routinely check for malware or other potential cyber threats? Cyber security is the steps you take to secure your business without instruction from an insurance company. These are the daily steps you take to keep your business, employees, customers, and vendors safe.
Cyber liability insurance
Cyber liability insurance is a type of insurance policy that covers cyber-related loss events. If your business is hit with a ransomware attack where the hacker demands money in return for all of your files, a cyber liability insurance policy will help recover those losses. On top of covering cyber events, your insurer will also help with your cyber security prevention. A good cyber insurer will keep you up-to-date on recent or growing cyber events and can help you put practices into place to keep your business safe.
A cyberattack has the potential to even the largest of businesses. Don’t let your business be one of them. Keeping your business safe from cyber events includes a good cyber plan with cyber security practices in place and a good cyber liability insurance policy.