The Matrix, Money heist: they all certainly depict the need for cybersecurity. But have you thought about how you can protect your business during coronavirus? When your staff is all working remotely, and unwittingly raising the risk for password and other data exposure?
Cyber-attacks are not new phenomena. They have been happening since the inception of technology and computers. And with them came the need for cyber liability insurance.
Currently, cyber insurance has a market value of over 9 billion dollars. The number is expected to come close to triple by the year 2025.
Additionally, the cyber insurance market is evolving. Attacks are close to becoming common, new cyber risks keep coming up, and now we have the coronavirus quarantine.
Therefore, as more people work from home, the risk of experiencing huge loses is eminent. This is where cyber liability insurance comes in. But what exactly is cyber liability insurance?
What is Cyber Liability Insurance?
Cybercrime is fast becoming a quick-growing part of organized crime. It is, therefore, only prudent that an insurance cover set to protect businesses from such threats be present. This is where cyber liability insurance comes in.
Typically, cyber liability insurance comprises both first and third-party coverage that is designed to protect companies from a cyber breach that results in the business interruption or loss of data.
In 2019, one-third of the United States companies purchased a standalone cyber insurance policy. This only goes to show how vital liability insurance is to your company.
If you have already started working remotely, this is the cover that will protect your business during coronavirus pandemic. But what risks does this insurance cover?
What does it cover?
We already mentioned there are two coverages: the first and the third party coverages. The first party liability happens when you experience the loss. Third-party coverage occurs when someone else (the third party) experiences the damage because of you.
So, for you to protect your business during coronavirus, you need to consider what both coverages involve.
For the first party coverage, you will get:
For the third party coverage, you will get:
Data breach expenses
Errors and omissions
If you are still wondering if you need the liability insurance, see below.
Who needs it?
Do you have a company, whether big or small, that relies on computers and computer systems?
Do you handle sensitive customer information such as banking information, email addresses, and names?
Do you use the cloud to store your business data?
Are you encouraging your workers to conduct their jobs from remote locations to keep them risk-free from coronavirus?
If any of your answers to these questions is yes, then you need the cyber liability insurance.
Remember, most workers do not have very detailed security systems in their homes. Therefore, cyber liability insurance is essential if you are to protect your business during coronavirus.
But why is it significant?
Why you need it
One answer cannot fully explain why this type of insurance is becoming a necessity for many companies. But, the increase in cyber-attacks on large companies, the concern among business owners about their data, and the media coverage on the issue are all contributors.
Recently, the coronavirus pandemic has forced many businesses to consider remote work. Therefore, there is a growing number of people that work from home today regardless of the fewer security measures present.
This only goes to show how important it is to protect your business during coronavirus. Let’s not forget that hackers are now asking for millions of dollars as ransom money once they attack businesses.
Before this happens to you, let Zupnick and Associates help you.
Zupnick and Associates
Our full-time job is to protect your business. That is why we offer all types of liabilities. Additionally, we want to help you protect your business during the coronavirus pandemic.
Have the confidence in adopting remote work practices by taking advantage of our cyber liability insurance.
If you have a small business, do not overlook the value of maintaining your security. As long as you use a computer in any of your offices, your company is liable for a security breach.
Let our all-inclusive packages safeguard your business from imminent losses.
Hackers are getting bolder, and this is terrible news for businesses. Cyber-attacks are increasing all over the world.
And now that most of your employees are working remotely due to coronavirus, it is even more prudent that you protect your business from cyber losses. This means that you should buy a Cyber Liability Insurance policy.
It will not only cover you from a security breach, but it will also protect you from financial losses. Zupnick and Associates with offer you all types of liability for your business, including the Cyber liability insurance.