Massachusetts Cyber Liability InsuranceThis year, a large number of companies invested in Cyber Liability Insurance for the first time, and many that already had coverage added more. These companies are actually hearing about coverage for their clients.
People are asking about it and proactive companies are responding. These companies realize that protection for one's private information is something that is important to their clients. If your clients are important to you, it is time for you to take action with a policy from Philbin Insurance Group.
What Is Cyber Insurance?This insurance coverage is designed to protect the information that you take from your clients, such as birth dates and social security numbers. A Cyber Liability policy will cover any legal costs as well as the cost of business lost due to a data breach. It will also provide credit monitoring if your client data is hacked.
A General Liability Insurance policy will only cover your physical technology equipment. This means that if you server is damaged during a lightning storm, you will be reimbursed. However, if a computer virus destroys important data, it can lead to serious downtime. In most cases, lost data is not covered by a general liability policy. Cyber Risk Insurance deals directly with your technology and will be tailor made to meet the exact needs of your business.
Who Needs This Protection?Any business that utilizes computers to store and process data needs a Cyber Security policy. More and more companies are doing business over the Internet, which is only going to increase as technology continues to advance and people move forward.
Introduced over a decade ago, the need for Cyber Liability Insurance has increased not only because of the rise of cybercrime, but also due to new regulations. In many regions, companies are now required to notify their customers if they experience a data breach. Cybercrime continues to be a major concern for board members of publicly traded companies.
In response to numerous data breaches all over the country, upper level executives everywhere are focusing on increasing defenses at their companies. It is vital that you make certain that your organization will be prepared in the event that something like this happens to you.
While companies of every shape and size needs some form of Cyber Insurance, small businesses in particular should invest in polices. The reason for this is that these companies are generally that the mercy of third-parties.
A small business typically relies on others to track inventory, host websites and authorize payments via credit card. They do not have any control over the maintenance and reliability of such systems. These things are usually done in house by the larger corporations, which are able to keep a more watchful eye on processes.
Ease Network InsecurityA single computer virus could cripple your entire network. If this happens, it is crucial that you have the financial means to make up for any downtime and cover lost revenue.
There is no better time than right now to make a call to your agent at Philbin Insurance Group and ask about Cyber Risk Insurance options in Massachusetts. You will be matched with the ideal policy that will cover virus attacks, hacked computers, web content liability and may other technology related risks.
Your insurance agent will be able to provide you with a breakdown of everything that will be covered by your Cyber Insurance policy. This is to make certain that you understand all of the details of your policy, especially what is and is not covered.
Regrettably, many companies both large and small do not realize just how likely it is that they will experience a breach in data security. When it comes to cyber security, it is not a matter of whether it will happen, but more when it will happen.
You would not go on vacation and leave all of the doors of your home unlocked. You would not park your vehicle at a crowded shopping mall with the door wide open. Therefore, you should not leave your business, your livelihood so exposed either.
While protecting your network data may not be as easy as locking the doors, you can still be prepared to bounce back successfully when disaster does strike. Do not make the mistake that so many other have made by thinking it will not happen to you. Instead, take the steps that are necessary to make certain that you will be able to recover when it does.
The cost of a Cyber Risk Insurance policy is much less than the price that you will have to pay after a cyber-attack without protection. To find out just how affordable a policy is with Philbin Insurance Group, simply click on the quote request button now. You are exposed from the very first time you plug in your computers, so there is no time to waste.
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