Hackers are adept at getting around passwords, encryption, and other kinds of online defences. This leaves you and your customers vulnerable, and you risk losing:
- Employee information
- Personal information
- Confidential client or product information
- Other information held by Internet Service Providers
These losses leave you open to legal action from wronged parties as well. Most policies will cover the cost of litigation, but be sure you check with your insurance professional to find out if you have cover for this.
While you are in the midst of assessing the damage after a cyberattack, you and your staff may need to take a step back from the normal day-to-day operations of your company. Additionally, the attack could have damaged your systems, wiped out critical data, or made the system unusable. A cybercrime insurance policy can help reduce the cost of damages because you could not do your job.
Cybercriminals continuously find new ways to breach safety measures. The damage can affect your hardware, software, or both. If a hacker plants a virus or does other system damage, your cyber insurance will help make things right.
In our increasingly connected world, all news spreads fast. Unfortunately, this is the case even if the messages shared are entirely false or a distorted version of the truth. Your cybercrime insurance can help cover the costs of fighting in court to restore your reputation as well as Copywrite infringement on trademarked names.
In some cases, cybercriminals can hold your company hostage after accessing your hardware, software, data, and other information you must use in order to make your company run. Typically, the cybercriminals will demand a fee from you before releasing your data. While most cybercrime insurance policies will pay the ransom fee, the cover can also help you pay for necessary crisis management.