It is hard to imagine that the U.S. government or a retail giant such as Target could experience a security breach – but they have. Business owners across the globe are concerned about vulnerabilities that allow hackers to access personal client or customer data, and there is good reason for worry. Cyber crime is on the rise, and businesses that employ cloud computing, use mobile sites and other newer technologies are at risk of a cyber attack. Along with the benefits of a much larger potential customer base comes the risk of a data breach, with customer or client data revealed to criminals.
No matter what technology your business uses for customer data or transactions, staying protected against cyber crime is critical. The weak link in maintaining cyber security is employees, with 95% of data breaches having human error as a contributing factor.
Employees fall prey to phishing scams, and with the click of a mouse, can open a secure system to an incursion. Employees may be using personal phones or tablets for work activities and may have downloaded insecure apps onto a device that provides access points for a data breach. Many small to medium sized businesses cannot afford the costs associated with high-level cyber security systems. Businesses that have less cyber security in place have proven to be an enticing target for cyber-attacks, which often originate from overseas.
Heavy financial losses are often incurred in a data breach, but cyber liability insurance protects businesses of all sizes. The coverage needed is based upon the level of risk and the types of digital systems in use and your cyber liability insurance coverage must be determined on a case-by-case basis.
Our team at Worldwide Risk Management, Inc. in Portland, Maine can help business owners get financial protection against a cyber-attack. Whether you are a technology company with valuable intellectual property that must be protected, a small business that accepts credit cards with a digital system, or a large company with hundreds of employees, there are specific needs with regard to the necessary level of coverage and the types of insurance policies that should be in place to protect against financial loss.
Talk to us about cyber liability insurance for your business. For startups or businesses with the need to protect intellectual property, we can discuss the various technology insurance options. We can also help you evaluate your current level of risk, as well as the types of insurance you need to have in place to protect the financial losses associated with a cyber attack.