Cyber attacks are growing increasingly prevalent and menacing across the country. Businesses of all types have proven vulnerable, and large quantities of data have been compromised. There are a number of steps that effectively reduce the likelihood that cyber attackers will successfully penetrate your sensitive data, but there are no guarantees. Even a number of the largest and most sophisticated companies have been hacked.
Loss of crucial business data can be a severe price, but there’s no price higher than the damage to your reputation and exposure to liability lawsuits. Legal fees alone can run your business into the ground. This is why cyber liability coverage is so important for businesses in 2016 (especially those with substantial quantities of sensitive client data). There are 5 questions that should be asked in every board room. Had your organization asked these questions yet?
- What is my liability exposure going to look like after a cyber attack?
- Does it matter who/where/when/how/why my business was attacked?
- What can I do to help protect myself against cyber attacks?
- Which costs will a cyber liability policy cover?
- What are the best steps to take to protect my reputation in the event of data security breach?