There are many instances of data breaches in the news. Cyberattacks can happen on a regular basis. The ramifications often include companies spending huge sums to protect customers, employees, and their image.
NetDiligence estimates the average data breach claim is just under $700,000. Can your business afford to lose $700,000 just to get back to where it was before the data breach? Very few companies can, which is why you need data breach insurance.
Who Needs Data Breach Insurance?
Data breach business insurance helps people protect their businesses from cyberattacks. Although the insurance can’t stop an attack, it helps business owners recover financially.
Businesses that store sensitive information on their servers should buy data breach insurance. Servers carry private information about customers, employees and finances.
Also, you need data breach insurance if you contract with an organization and have access to their servers. Hackers attempt to gain access to information by any means necessary. They can leverage a contractor’s laptop, smartphone, or tablet to gain access to servers.
What’s Covered Under Data Breach Insurance?
Data breach insurance is a comprehensive insurance policy. Beyond helping you get back on your feet, data insurance can help you cover the cost of the following:
- Customer notification
- Attorney’s fees
- Crisis management
- Security experts
When you buy data breach insurance, you have strong assets to protect your business.
Not Having Data Breach Insurance Could Be Business Malfeasance
You have a duty to your stakeholders. Everyone wants to see your business grow and succeed. Unfortunately, one cyberattack can leave businesses sidelined.
With the threat of cyberattacks ever-present, choosing not to purchase data breach liability insurance could be a form of business malfeasance in the eyes of your stakeholders.
Insurance Planning Service helps businesses identify how much insurance they need and what to do in case they need to file a claim. Give us a call today at (800) 220-5582 to get more information about Michigan cyber insurance.