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Does Your Company Need Insurance to Protect Against Cyber Risks?

As technology makes more inroads into our lives and businesses, the risks and incidents of cyber security breaches continue to rise. This is why Carmel cyber risk insurance may be important for your company. In the event that your business experiences a cyber security breach, there are many costs and liabilities that may result.

How Do Cyber Security Breaches Happen?

There are a number of ways and reasons that cyber security breaches may happen to your company, and the fallout can be financially devastating. In some cases, breaches come from within a company, but in many cases, cyber security breaches are the result of negligence on the part of a vendor or, more likely, a malicious attack from a third party.

What is Covered by Cyber Risk Insurance?

In the event that your business experiences a security breach, there are a number of possible costs you could incur. Your regular liability policy will likely not cover these. Therefore, it is helpful to have cyber risk insurance to cover your company. Depending on your exposures, a customized package can be built for you that may include coverage for the following:

  • Costs associated with notifying customers and offering them support
  • Costs associated with a forensic analysis to determine the source of the breach
  • Business interruption caused by a security breach

There are a number of other coverages that may be written into your Carmel cyber risk insurance policy as well. Don’t leave your company unprotected. Consider cyber risk insurance.