All sectors of business are facing the same concerns pertaining to hackers and the threat of cyber crimes. Most businesses now have a presence on the Internet, providing or relying on many different services, including online marketing, administrative functions, inventory management, credit card processing, and distribution controls. Cybersecurity and information protection is a serious concern that can’t be taken lightly. You can aid the situation by having some type of cyber risk insurance in Indiana on hand.
While we all understand just how challenging it has become to deal with these issues for companies of every size, cyber threats can no longer be ignored. Hackers are quite often the main threat, groups or individuals who have made it their business to disrupt companies, demanding ransoms or stealing and selling private and confidential information.
But the threat also exists from within, and any theft of confidential information that disrupts delivery of services can lead to brand, as well as reputational damage, regulatory scrutiny, stakeholder concern and dissatisfaction, all adding up to severe financial losses. It’s important to train your employees about these types of attacks and exactly how they should be managing confidential information. They should also be taught how to respond in the event of an attack.
Cyber Insurance is a staple for most companies
Anyone in business can reap the benefits and protections provided by a cyber risk policy. You can see how often data breach incidents and cyber threats occur on a daily basis, and they continue to gain publicity through news outlets around the world. Even government agencies are targeted, and they have become more actively involved in policing the corporate response to this dilemma.
There are a variety of policies available, including for information security and network privacy, and media liability coverage, just to name a few. Unlike most types of insurance, there is no standard form on which the insurance industry underwrites cyber coverage so your best bet is to examine the different coverage types available to determine which is best suited to fit your needs.
Most policies for cyber risk insurance in Indiana being sold in the marketplace offer a combination of traditional liability coverage protecting against claims by third parties, along with first-party coverage protecting against losses suffered by the insured. Talk to an agent or specialist today.