According to a recent study by Travelers, cyber risk has reached an all-time high and become the number one concern for businesses, surpassing other significant issues like medical cost inflation and economic uncertainty. You can read more about these findings in the Travelers Risk Index.
Cyber Risks Are the #1 Business Concern
It’s alarming to note that while 65% of businesses are investing in cyber insurance, many are still unprepared for potential incidents. This lack of preparedness is evident as fewer organizations have implemented essential security measures such as multi-factor authentication and a defined incident response plan.
Cyber Awareness Is Key to Fighting Back
Cyber security awareness is crucial in combating these risks, and taking proactive steps can significantly enhance your organization’s defense.
There are free resources that can help. Explore the resources offered by the Cybersecurity & Infrastructure Agency (CISA). They provide free in-person consultations, cybersecurity assessments, and scans to help businesses identify vulnerabilities and determine actionable steps to strengthen their security posture.
Benefits of Cyber Liability Insurance
Cyber liability insurance protects your business against the expenses associated with a data breach. Strickler Agency will help you evaluate your business’s data liability risks and find a policy that meets your specific needs.
Getting hacked is more than just a hassle; it also poses potentially huge and unexpected costs to your business. Cyber liability insurance is a specialized policy customized to cover many of the risks your business faces from an information breach—and even covers some risks you might not have thought of.
How Can Cyber Liability Insurance Protect You?
At Strickler, we recognize the intricate nature of cyber threats and offer cyber liability insurance solutions designed to safeguard your business assets. In the unfortunate event that your business faces a cyber-attack, it’s crucial to take specific action steps to mitigate the impact. These steps include:
- Notifying customers and clients of the breach – a legal requirement in most states
- Restoring your business’ website to working order
- Dealing with extortion attempts
- Paying damages to clients, customers, and suppliers who lose out because of your breach
These necessary steps can lead to hefty, unexpected costs for your business. Not to mention, dealing with the aftermath of a cyber hack could temporarily close your business, resulting in a loss of income.
A cyber liability insurance policy can help you cover the expenses associated with a cyber hack. Additionally, some commercial cyber liability policies cover loss of business while your systems are compromised or unavailable. You can even get coverage against inadvertently breaching somebody else’s copyright.
