Everyone is aware of the risks and rewards of technology. Cell phones make things possible: and increase the risk of data theft. Online banking is a convenience: until someone hacks the bank. Cyber liability insurance cost can be thought of as the price you are willing to pay for peace of mind in a sometimes dangerous online environment.
There are three principal areas of concern with regard to cyber liability:
- portable devices
- data breaches
Portable devices lead us to make daily trade-offs between security and convenience. The increase in online record-keeping means that data is more accessible to businesses, but also to hostile elements. Any data breach can then create losses, ranging from the merely irritating to the life-altering
Security Versus Insurance
Most companies have made substantial improvements to their cyber security systems over the years, and maintain high levels of vigilance. Unfortunately, just as companies have worked to improve their security, hackers and hostiles have worked to overcome new and stronger security measures. Most security experts agree that the question is not if you will face a breach, but when.
Protection Against the Unknown
Given the high risk of a breach for even well-protected businesses and institution, cyber liability insurance cost looks low compared to the potential losses a significant breach would entail. Cyber liability insurance provides protection in the face of determined interlopers, protecting your business, your customers, and your reputation.