Does your company use CC payment? Does your organization bank online? Is your company on social networks? Is private customer or staff data stored on your company’s computer network?

If you answered yes to one or more of the questions asked, you should seriously consider purchasing a cyber insurance policy.

Here’s why.

Cyber ​​insurance covers businesses or non-profit organizations from the risks of cyber attacks. A cyber policy can protect first and third parties from related loss and damage.

Here is how.

If an employee is tricked into transferring funds to a cyber thief, the insurance may reimburse the funds.

If a company’s computer was hacked and allowed the hacker to break into the associated bank account in order to transfer funds, insurance may reimburse for the lost funds.

If an employee mistakenly opens an email link that contains a computer virus that causes their files to be encrypted, insurance may cover the ransomware minus the associated deductible for unlocking the files.

If a computer virus shuts down a company’s network and it takes several days for the technology company to get back up and running, insurance may cover lost profits plus other costs associated with the shutdown.

If a company were to be hacked and sensitive data was stolen, the insurance may cover attorney fees, security expert fees, public relations consulting costs, costs related to notifying affected parties, and costs of identification protection for those who suffered the breach, along with fines and penalties for computer compliance and expenses related to the defense and settlement of lawsuits.

If a company’s network were to experience a deluge of much more traffic than its regular flow of traffic as a result of a computer virus, leaving the system and some of its customers’ major systems down, insurance may cover the costs of security lawsuits. customers who would suffer the effects of the virus, as well as the repair costs to recover the data.

If a customer left a derogatory comment on social media and a company employee left a response saying the customer was lying, the insurance may cover legal costs arising from a libel a customer may bring.

To learn more about cyber coverage and how it can help your business against the ravages of a potential cyber threat, talk to an experienced independent insurance agency.