Many businesses have a limited understanding of the coverage that is available to them when it comes to data breaches. That is why it is important to review your policy and make sure there are no gaps in coverage. A hacker can walk away with hundreds of thousands of dollars after a data breach. Believe it or not large businesses are not the only ones that are targeted for this type of criminal activity.
Are you a target?
Many small businesses are built off trust and relationships with their clients. How would your clientele feel about having their personal information taken? Hackers are not afraid to hold your client’s information at ransom. In many cases, they will threaten to contact your clients. Some businesses such as law firms, accountant firms, and offices are more vulnerable to these threats. This could be the start to the end of your business as you know it. Without trust clients will not feel that they are safe.
Some simple strategies you may want to consider:
- Make sure you have a secure website – People will get turned away from your business if it is not properly secured because they feel unsafe to insert personal information.
- Don’t use the same password – Use multiple passwords for different sites and consider changing them every few months.
- Never save passwords – When your computer asks to save your passwords don’t do it! If you are hacked they will be able to go into those sites and potentially steal more data.
Talk to your agent
It is important to tell your agent what type of data you have about your clients. All businesses are unique and will require different coverage that can be tailored to your specific industry. Ask your agent what other insurance could cover losses related to a data breaches. Cost is the number one reason why businesses are under-insured. However, when it comes down to it you could be paying more than a couple hundred thousand to clean up the mess. It is best to have coverage in place for these criminal activities ahead of time.
If you do not have Cyber Liability coverage in place you are putting your client’s information and your business at risk. Don’t wait till it is too late; get your business the security it needs to keep all your information safe.