It is now possible to transfer information quickly through social media, email, cloud computing and databases. You can quickly communicate with your customers and market your business. However, sometimes things can go very wrong with security breaches such as virus attacks and theft of customer and employee data. As you purchase business insurance in Caldwell New Jersey, it is a good business decision to include cyber liability insurance.
Who Is Vulnerable?
There have been many news reports of large corporations that have experienced costly data breaches. However, small businesses are also under intense cyber attack. In 2012, 71 percent of the 855 data breaches that occurred were in businesses of less than 100 employees.
In fact, almost any business can be at risk that owns a computer network, a credit card transaction option or a database containing personal information.
Protect Your Business
While these cyber attacks cannot always be prevented, it is possible to protect your business from the consequences of a breach. A cyber liability insurance policy can be a part of your business insurance in Caldwell New Jersey portfolio. It can be designed to cover losses and damages such as:
- Costs for legal defense in lawsuits
- Costs due to notifying victims
- Expenses from investigations into the data breach
- Damages for the losses experienced by others
For businesses operating in the high tech world of today, protecting sensitive information is one of the best ways to manage risks.