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December 5, 2021

Cyber Liability

Adam Koch

Today we hear of multiple times when businesses pay cybercriminals ransoms in order to get back control of their data. Often data is put at risk because of vulnerable website applications, stolen smartphones or computers containing sensitive material, or cyber connections with companies you do business with. It’s important to protect your company from these dangerous situations that put at risk your data, including your financial information and employee records stored in the cloud or on your devices. These are some of the most valuable assets a company owns. Amazingly, cybercriminals are discovering more and more effective ways to infiltrate networks and steal critical, sensitive data. In fact, the business is booming! 

So, what do you do to protect your business? 

You get cyber liability insurance! Also called cybersecurity insurance, this type is a stand-alone coverage meant to cover the costs of recovering from any type of cybersecurity incident. This includes costs such as fraud and identity monitoring expenses, as well as investigative and forensic services costs. Also covered are costs related to a privacy breach in the case of human error or insufficient security, when an email is directed to the wrong person or a computer is lost. You also get liability coverage that protects you and any insured persons from risks that result from lawsuits.

Finally, you get coverage if a cybercriminal steals your sensitive data and demands a ransom in order to get the data back or keep it from being released to the public. This cyber extortion coverage addresses the costs of ransoms, cryptocurrencies, and any needed consultants, etc..

Many of us consider cybercrime to be an inevitable evil in our modern world. Cybercriminals, with their highly sophisticated approaches to hacking, and their numerous, recent successes, make it a matter of not if but a matter of when your company will be attacked. Koch Insurance Group will be glad to help you be prepared and protected with the cyber liability insurance you desperately need.

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