Owners and operators of businesses and companies in the Fair Lawn area need business insurance in one form or another to protect their interests, as well as their assets. Every business is different and therefore their coverage needs and requirements will vary as well. But most businesses can benefit from some type of cyber liability policy, as this is a common concern for businesses across the board.
Cyber theft, cyber breaches and cyber crimes are an almost daily occurrence, and news reports illustrate how serious, and devastating, a problem this is. Unfortunately, many companies don’t realize that whether they experience a data security breach isn’t so much a matter of if it will happen, but when.
For many startups and small businesses, cyber liability insurance is available both as a stand-alone policy and as an add-on to a Business Owner’s Policy. When a security breach happens, having this comprehensive protection (from an insurer that specializes in handling cyber risks) will help to minimize gaps in coverage, and protect businesses against liability and expenses arising from the theft or loss of data, as well as liability and expenses arising from a cyber breach, particularly for those entities that are hosting client information.
Any organization operating a website or conducting e-business needs protection from the growing number of cyber terrorists bent on stealing personal data and information for monetary gains. The list of potential losses from these types of exposures is long, and growing and includes:
- Destruction of critical data
- Copyright or trademark infringement
- Denial of service, and more
Denial of service attacks or inability to access websites or systems (which may include the introduction of malicious code or viruses) can temporarily cripple an organization. Disclosure of confidential data, or unauthorized access to, or tampering with data, can affect the lives of clients and customers leading to a multitude of cases of fraud and identity theft, as well as invasion of privacy.
The costs associated with Cyber extortion or terrorism threats or misuse of client data can be immense: The average cost to a U.S. business for a data breach in 2009 was $6.7 million, according to the Ponemon Institute, a research center dedicated to privacy, data protection, and information security policies.
To avoid becoming a victim every company should have some type of cyber liability policy while operating in Fair Lawn New Jersey, as part of their business insurance coverage.