Post written by Amy Schott, Account Manager for Stockman Insurance in Missoula
Cyber liability may be one of the newer products on the insurance market, but it’s one that we at Stockman Insurance strongly encourage business owners not to overlook.
The aftermath of a cyber attack can be detrimental to a business if you’re not properly covered.
This type of policy protects your business against data losses caused by cyber-attacks, viruses, and other threats.
Cyber liability, in general, is the risk posed by conducting business over the Internet, over other networks or using electronic storage technology.
Insurance can be purchased and “risk-based” security strategies can be used to mitigate against both the first and third party risks caused by cyber liability.
Do you think your business is too small or couldn’t possibly be exposed to a cyber liability exposure? Think again.
No matter how large or small your business is, if you’re keeping ANY sort of personally identifiable information regarding your customers or employees, your business could be at risk.
According to the 2017 Cyber Claims Study done by NetDiligence, “companies with less than $50M in revenue were the most impacted, accounting for 47% of the claims”.
The same 2017 NetDiligence study found that “the average total breach cost was $349,000”. That size of loss could break most small businesses.
It’s the goal of Stockman Insurance to make sure you have the proper coverage in place to avoid a massive setback of that size or worse…a business ending loss.
Like all other lines of insurance coverage, there’s not a one-size-fits-all solution.
Depending on who you’re storing the information for (yourself, your clients or both) will help determine which type of policy is the best fit to protect you and your business.
Not all policies are equal, but Stockman Insurance agents are determined to find you the most effective and affordable cyber liability solution. Whether your business is big or small, cyber liability is your defense against a cyber attack!