Cyber crimes are on the rise, with more Massachusetts businesses being victimized every day. These cyber criminals are willing to attack any computer system that stores personal data that they can steal and sell. These attacks cost their victims thousands of dollars and are not covered by typical insurance policies. If you use computers for your business, cyber insurance can help provide the financial protections you need.
No business is too small to become the victim of a data breach. If you store credit card information, social security numbers, or other personal data, your system is a target. If you become a victim, you can expect costs to mount quickly in fines, lawsuits, and other expenses. Some Massachusetts businesses may end up paying tens, or even hundreds, of thousands of dollars to fully recover from a data breach. Cyber insurance helps to relieve this financial burden, allowing you to support your employees and customers during this upsetting event.
Technology changes rapidly. As the Internet has become commonplace and cloud storage a popular option, criminals have found ways to take advantage of vulnerable systems. Once into your computer system, they can gain access to your payroll data, customer credit card information, and any other sensitive data you may have on file, which can then be used for identity theft and other crimes. Other insurance policies, such as crime insurance and property insurance, cannot provide appropriate protections for these cyber thefts, and many outright exclude them from coverage.
A cyber security policy is specifically designed to cover the complex nature of recovering from a cyber attack. Once you realize you have been victimized, you must notify affected employees and customers, secure your system before going back online or reopening, and cope with any lawsuits, fines, and penalties that result. If another business suffers a loss due to the crime, you may be sued for their losses. Most businesses cannot cover the short- and long-term expenses associated with an attack without cyber coverage.
Your cyber policy can cover a wide range of costs including:
Recovery costs from an attack can vary depending on the severity but many businesses can expect to pay tens of thousands of dollars. Large businesses may be responsible for even larger sums. Cyber coverage is typically affordable, and policies can often be customized to fit your needs and budgets. With a cyber policy able to cover many of the costs associated with an attack, your policy can pay for itself with just a single data breach.
Unfortunately, cyber attacks are on the rise and many businesses in Massachusetts will fall victim to this crime. Without insurance coverage, your business may not be able to recover. Cyber insurance is specifically designed to provide comprehensive coverage for data breaches and other cyber crimes, allowing you to focus on the important task of protecting and supporting your employees and customers while you get your company back to business.