Most businesses nowadays have a digital presence and even at the most basic level, this puts you at risk of cybercrime. Even with the most sophisticated cybersecurity software in place, your business is not immune from targeted attacks including data breaches, malware, ransomware and more.
The purpose of Cyber Insurance is to act as your financial safety net should you suffer from the effects of cybercrime. For example, if your customer data is infiltrated, you could be held responsible for any repercussions and subject to hefty legal and compensation fees. Or if your computer systems are down for an extended period and your business is unable to operate, it can cover any expenses incurred in the meantime.
Hackers are forever finding new methods to infiltrate our digital space. In the dark world of cybercriminals, data is like gold dust; which is why your stored data will always be a target. In some high-profile attacks, we’ve seen businesses fined millions in the aftermath of a breach.
When one wrong click is all it takes, there’s currently no amount of staff training and prevention software that will keep your business 100% safe from cybercriminals. That is why businesses of all sizes should make sure you have the protection you need in the form of dedicated Cyber Liability Insurance.
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