Cyber Liability vs Data Breach

cyberliability insurance

“Houston, we have a problem!”

The Problem

All businesses today are at risk from a cyber-attack. As noted in Small Business Trends, 1 in 40 small businesses and 1 in 2 larger businesses may be victims of a cyber crime each year. The risk to businesses will continue to increase as cyber-crimes, cyber-liability and data breaches evolve and become more sophisticated.

As a small business, it is not only critical to secure data, it is your responsibility. With nearly all transactions having a digital component, the safety and security of that data cannot be left to chance. The implementation of strong, safe and reliable protections are the best practices for successful long term growth and trusted business relationships.

Cyber threats are complex and unpredictable. They come in many forms including: unauthorized access, theft, destruction of data, social engineering, transmission of viruses, malicious codes, and extortion. Unauthorized access related to proprietary assets could result in a data breach ending up in the wrong hands. Extortion occurs when hackers take over your data often demanding money for the release of your information. Social engineering may include baiting or phishing to persuade you to provide information that later is used against your company. In addition, the loss of revenue associated with a cyber-attack can be massive and often unrecoverable.

Businesses should embrace the opportunity to implement protections keeping their data, and their clients safe in cyberspace. There are dedicated companies providing solutions for cyber liability and peace of mind. See some tips below on being proactive and asking the right questions.

Questions To Ask

  • Do you have malware to protect you in case of a data breach?
  • Have you consulted with an insurance company specializing in online business security?
  • What would you do if your website was locked down or inaccessible for business?
  • How would you communicate a problem to your clients?
  • Have you consulted with an insurance company specializing in cyber liability?
  • Have you consulted with a law firm that specializes in data breach issues?
  • Do you have an investigative and forensic firm to support you?
  • Do you have a PR firm for reputation management?

Assess Risk: Solution

There are tools to assess your business’ risk. Our Cyber Scorecard for Business will help identify and analyze cyber liability risk exposure. After identifying the areas that need protection, you can explore coverage that meets your business needs.

Getting Started

To start your assessment and evaluate your company’s risk level call 571-386-1000 or email us at info@griffinowens.com. Read more about our cyber liability insurance as well.

For more information on data breach, watch the video below.