There may have been a time when cybersecurity only mattered for a bank or a hospital. Those days are over.
Every business – regardless of size, industry, or location – that stores or processes sensitive information like names, addresses, Social Security numbers, medical records, or credit card information needs cyber insurance.
Cyber insurance won’t stop you from getting hit by a cyberattack. But it can help you manage through the impact of an attack so you can stay focused on your business.
If you are the victim of a cyber event, the right policy will cover damages related to the theft, damage, or misuse of sensitive information or other vital technologies, as well as losses incurred due to downtime and recovery costs that often include specialized repairs and legal fees.
And here’s a pro tip — having your own cyber coverage is only part of the solution. Any third party who handles your confidential data and information, such as an accountant or IT service, should have their own cyber insurance policy. Get proof that they have coverage before hiring them.