Whether your company is big or small, liability insurance should be part of your disaster plan as cyber attacks continue to happen at an alarming rate in the United States.
And if your business doesn’t have an insurance expert who knows cyber coverage, you could be caught with your network down.
Computers, tablets, smartphones, smart watches, fitness wearables, even cars are susceptible to hacking. And if you own some or all of these devices for your business, you should have a solid plan for cyber attack, which includes cyber liability insurance. These attacks are usually targeted to gain access to personal information, whether it belongs to your employees or your customers.
Cyber insurance can cover a laundry list of costs incurred while regrouping after a cyber attack, including ID and credit monitoring for customers. It can also help defray any legal costs stemming from an attack. It even can step in if there are public relations-related costs necessitated from a cyber breach.
Businesses thinking about cyber coverage should consider acting sooner than later. The longer a firm has coverage, the better when it comes to being protected against attacks.
Still, cyber coverage can be a complex topic to cover. That’s why hiring a specialized broker or agent who understands the complexity of cyber liability is important. If you work with an insurance professional that doesn’t understand cyber, you may not buy a cyber liability insurance policy — and thus, put your company at greater risk. And even if you buy, you might not understand what you are buying — which is problematic in its own way.
For questions regarding the finer points of cyber liability insurance, contact your Plexus client representative at 847-307-6100 (Chicago). You can also contact us via the Web at plexusgroupe.com.