In the world we live in, data breaches and cybercrime is very common. You may have noticed a rise in this lately even through the Coronavirus pandemic. Hackers are taking advantage of people every chance they get even during a pandemic. With any type of cybercrime like a data breach can cause major issues for a business such as fines and legal fees. Not only that, but it’s also a huge headache for any business. Also, data breaches not only occur to large corporations but also small businesses too! Secure your business with cyber insurance so you can have peace of mind if you get attacked.

What is cyber insurance?

Cyber insurance covers your business’ liability for a data breach which can include sensitive information. This type of sensitive information can include account numbers, bank statements, credit card numbers, social security numbers, health records, and much more. This is additional coverage outside of general liability insurance.

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Why you need cyber insurance?

Because of all the alarming statistics about businesses and cybersecurity. Did you know that…..

  • 52% of breaches featured hacking, 28% involved malware, and 32–33% included phishing or social engineering, respectively.
  • Hackers attack every 39 seconds, on average 2,244 times a day.
  • The average cost of a data breach is $3.92 million as of 2019.

Your business needs extra protection with cyber insurance!

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What does cyber insurance entail?

This covers legal fees and expenses as well as:

  • will notify the customer about a data breach
  • recover data that was compromised
  • restore the identities of affected customers
  • repair any damaged computer systems

Other features of cyber insurance:

  • data compromise protection- this can include credit monitoring and services provided by another firm
  • identity recovery protection- helps customers whose info was compromised, restore their credit history
  • cyber protection- this can help with the damage that is caused by a virus or attack with restoring and recreating any data compromised or lost

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How can Triada help with cyber insurance?

We work with several insurance partners and can also work to have your current policy reviewed to see if you have the proper coverage. We are here to make sure that you are protected and providing you the very best insurance for your business.

If you are interested in learning more about what Triada can offer your business for cyber insurance we’d be happy to set up a free consultation. Give us a call at 201-297-7778 or go online here and schedule today!

Importance of Cyber Insurance in Your Business Today

As we continue this series on all the ways Triada Networks is here to help you, keep the lookout for our next series on mobile security.

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Resources:
Sobers, Rob. “110 Must-Know Cybersecurity Statistics for 2020: Varonis.” Inside Out Security, 15 Apr. 2020, www.varonis.com/blog/cybersecurity-statistics/.

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