Small and medium-sized businesses are at an increased risk now more than ever for security breaches and cyber threats. Your business may do everything right and you still may be hit with a virus that attacks your customers’ data or your business’ security information. All companies today are at risk for cyber threats—it’s nothing you can overlook. And, to protect against the costly outcomes of such a threat, it is nearly always a good idea to purchase business insurance that includes cyber risk protection. Yet, many of today’s businesses don’t realize or recognize the risks or know what type of coverage to invest in for ample protection.
Specialized Policies Are a Must
The first step in selecting business insurance like this is to choose a policy based on the type of company you own. Business size and industry matters. If you are a tech company, small business or even a public entity, the right protections can help to minimize your risks and give you the ample protections your business simply demands today.
What Can It Cover?
Though policies may differ, there are several key components of any type of cyber security plan you need to keep in mind.
- Policies should protect against a security breach that occurs within a business from internal factors as well as external sources.
- Online hacking and theft of information including confidential business matters, credit card information, medical records, healthcare records and social security numbers.
- Protection of paper records may also be included when it occurs at the business’ physical location.
Additionally, most policies also provide accidental loss of information or accidental sharing of data. This can happen especially as more businesses move to digital formats for sharing data, including within clouds.
Is your company protected? If you are not quite sure, now may be the best time to begin your search for the ideal policy for your business. Small business or not, ample insurance is necessary to reduce these big risks most companies face. A specialized policy can protect the types of data your business handles and can offer you the financial help if an incident occurs to cover the losses your company faces and those of your customers, clients or patients as well.