Does Your Business Really Need Cyber Security Insurance?

When Target had its customers’ data breached, the story made headlines. Thousands of customers were at risk for having their information stolen. What didn’t make headlines was that the breach came through one of Target’s vendors. A hacker wormed its way through a smaller company to get to the larger corporation. Small businesses are at risk for having their information stolen too. That’s why Indiana cyber security insurance is so important in today’s marketplace.

Customer and employee data is very sensitive. Your business is at risk for being compromised through the internet. This could potentially devastate your organization. First, there are the financial concerns. You have to notify customers, provide them with credit monitoring and find the breach. If there are losses associated with the breach, your business could get sued. And you shouldn’t forget about the PR costs, because your reputation might be at risk too.

Indiana cyber security insurance makes sense in today’s world. It’s no longer just the criminals that break in through your front door. They come through the internet and this gives them a whole new way of stealing from you. Protect yourself with an insurance plan that gives you peace of mind. Be proactive in managing the data which has been entrusted to your business. Don’t think it can’t happen to you.

 

3 Data Breach Risks

Many businesses are at risk for a data breach. Almost just as many businesses don’t fully understand what the perils are. Data breach insurance is a great way to help mitigate your risks, but you should also try to familiarize yourself with the hazards.

  1. Employees: Insider risks are the most recognized danger to your company’s data. If you ever have to let an employee go, he or she may be able to access your company’s information and share it with the world. Disgruntled employees aren’t the only risk you have to watch for. Uneducated and careless employees can cause just as much trouble. Train your employees and terminate privileges when employees are let go.
  2. Third-Party Providers: Most companies turn to third-party providers to make their data more secure, but it can cause even more issues because of the use of remote access. Before you hire a third-party, make sure your data breach insurance will protect you.
  3. Mobile Devices: If employees use their own mobile devices to access company information, it can cause a huge problem. Make sure you implement mobile device policies to help reduce these breach dangers.How can you learn more about the hazards facing your company’s data? Your insurance agent may be able to help you learn about the challenges and reduce your risks through data breach insurance.