Technology is something that we use constantly in this day and age. We’re always on our phones or laptops whether it’s to shop or communicate with a loved one. These days there are a lot of risks that come with putting all of your information out there on the internet or on a device. Businesses nowadays have started to become more cyber friendly now that we’re in the age of technology and it’s important to be aware of why your business might need to invest in cyber liability. We know that you might be thinking that something of that degree would never happen to you or that you keep your client or employee data safe enough, but there’s always that risk you’re running if you don’t have the proper liability.
In this day and age there are huge risks in putting all of your information online. Cybercrime is growing exponentially and has become the fastest growing crime in the world. In 2015 there was an estimated three trillion dollars in damages around the world and is expected to hit an upwards of six trillion by the time we reach 2021. Not only are you putting your business at risk, but you’re putting your clients at risk if you’re no taking the proper precautions in order to make sure that their information is protected. If something were to happen and third party data was breached then you may be the one held legally and financially responsible for the information that was stolen.
Most standard insurance policies are not going to cover you from the risks and liabilities that come from cyber crime. Investing in this could potentially help save your business from the expenses of something that is considered an unknown cost. Not to mention it will protect the sustainability of your business from those crippling expenses! One other important thing to note about cyber liability insurance is that it can provide access to other important assets such as IT forensics, legal counsel and credit monitoring. Think of how to best prepare for the chance of a cyber crime happening and then take steps to prevent it from happening. It’s important that your business and its clients information are not being compromised.
This day and age it’s nearly impossible not to take advantage of certain types of technology. A lot of people are using the Cloud to store their data without realizing that some of it is still publicly accessible. There are still many businesses that do not have a policy about their employees sharing information via the cloud which can lead to various concerns about data breaching. Without the proper cyber insurance there is still a high risk for data breaches to happen, and it’s important to understand the risk that any business takes without it. Did you know that 2.7% of files shared in the cloud are publicly accessible? Did you also know that 1% of files uploaded to the cloud contain sensitive data and 4.4% of that data includes information such as business plans and financial records! Having that data publicly accessible puts your business at a high risk. So make sure you’re getting the proper coverage to prevent that data from falling into the wrong hands.
We know that technology has done a lot to help us advance, but there are still a lot of things that you need to look out for when you’re in a business and use computers daily. Be sure to check on cyber insurance in order to protect you, your staff and clients from the chance that sensitive information could be placed in the wrong hands. It’s a huge expense on your business and could potentially create irreversible financial damage. Take the time to do some research and find coverage that works best for you and your business!
