With the internet these days being integral to business operations in Melbourne, Palm Bay, Sebastian, Stuart, Vero Beach, FL, and the surrounding areas, it is important to realize the threats that are present. Cyber liability insurance from Ostrom Group, LLC is your answer to protecting against things like data breaches and cyber attacks. Because most of our important data is stored on a computer somewhere, and that computer is likely connected to the internet, this makes your personal and business data vulnerable to hackers and thieves. This activity can incapacitate your business, making it impossible to conduct business or potentially having all of your customer data stolen, making people’s sensitive information publicly available. You do your best to safeguard these things, but when it happens your liability insurance will be there to help clean the mess up. Contact us today to learn more about how cyber liability is a great addition to your other business insurance policies.
What Does Cyber Liability Insurance Help With
When a data breach happens, one of the first things that a business needs to do is to notify those affected clients. Your cyber liability insurance can help with these associated costs. You may encounter a ransom demand, such as money in exchange for releasing your business website. Your insurance may cover some of the cost of paying these ransoms. In other cases, your computer system could have been damaged in the cyber attack, and your insurance can help cover the cost of repairs or replacements.
Just because you have cyber liability insurance doesn’t mean that you can neglect taking the appropriate steps with your internet security. Many cyber liability insurance policies will not cover things if there were poor security procedures, if there were pre-existing vulnerabilities that were not taken care of, as well as insider attacks.
Know The Different Terminologies
There are coverages that are first-party coverages, such as custom notification, business interruption, denial of service attacks, and more, and then there are third-party coverages, which includes claims made by customers, partners, or vendors. It is important to work with your independent insurance agent to understand what is and what is not covered by your cyber liability insurance policy so that you can make an informed decision on what you need.
Using the internet in Melbourne, Palm Bay, Sebastian, Stuart, Vero Beach, FL, and the surrounding areas is basically a requirement these days for practically any business, and whether we like it or not, sensitive information is stored on computers that are connected to the internet. Working with experienced independent insurance agents from Ostrom Group, LLC is the key to having the right cyber liability insurance in place for your business. Contact us today to review your cyber liability insurance needs.