The world’s major shift into the digital age has brought about plenty of new concerns regarding the protection of our personal information. Just last year alone, companies and groups like Equifax, Uber and even the NSA have been hacked, with the private information of millions of customers being leaked out to the public. Quite frankly, this can be devastating to a business. While it can be intimidating to face the fact that we’ve entered this new era of cyber attacks and data breaches, it’s something your business simply ’t ignore.

What is Cyber Liability Insurance?
Cyber Liability Insurance generally covers the liability your business would face for a data breach that involves sensitive customer information. Things like credit card numbers and social security numbers leaking out can cause your business to lose all reputability. Cyber Liability Insurance can help pay for notifying customers about a breach, recovering lost data, repairing damaged systems and restoring personal identities of customers who had information stolen. Think of the costs associated with all of these things and if you didn’t have the insurance – would a data breach cause your company to go out of business?

Does my business need it?
If your company does any kind of business online and collects the personal information of customers, whether through your business or a third-party vendor, you’re going to want this kind of insurance to protect you. More and more experts say that if you do business online, a hack is inevitable. That means it IS going to happen to you at some point, making Cyber Liability Insurance now a must-have for those doing business online.

Is there anything else I need to do?
While getting the insurance is incredibly important, there are also other things you can do to prepare. First off, give limited-access to your company’s system. Anyone and everyone shouldn’t be given access and those who are given access need to update their passwords regularly. You’ll also want to make sure you have good antivirus software with firewall so you can catch any viruses trying to make their way into your system. All of the data your company or third-party vendor stores should be encrypted so it’s more difficult to hack and you should be regularly backing up your data so if an attack occurs you don’t suffer a total loss. Another thing you can and should do is train your employees on the importance of cybersecurity and best practices for keeping your information safe.

It is better to be proactive than reactive if your business is faced with a data breach. Knowing that this day in age it is something that will more than likely happen to your business, the best time to take action and make sure you’re covered is NOW. Contact Robert Rice at 818-561-2600 or robert@sargeantinsurance.com to get started today.