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βIs Your Client Data Protected? Queue Jaws theme music.π¬ There's danger lurking. Category: Cyber Security, Insurance
Now more than ever it's critical to protect your data due to scams, phishing attacks, and, hacks.
An insurance policy is a financial remedy when things go wrong. This means having a legal defense when someone claims you're at fault.
Cybersecurity insurance can get complicated. There are different considerations when considering how to protect your business against a breach.
Cybersecurity can be either first-party or third-party coverage.
The most common first-party cybersecurity coverage is known as data breach insurance.
Cyber liability coverage can protect your business if a third party sues you for damages as a result of an incident.
What does first-party coverage protect?*
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Cost(s) to investigate the incident
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Cost(s) to notify clients of the breach
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Cost(s) to assist clients after a breach including anti-fraud services (credit monitoring)
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Cost(s) to restore compromised data
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Cost(s) of business downtime
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Risk assessment of future incidents
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Ransomware-attack payments
What does cyber liability coverage pay for?*
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Legal fees necessary
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Settlements and court judgments
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Regulatory fines for non-compliance
π― Goal: Review what could happen if you had a breach. Can you cover the expenses?
Breaching a client's data and confidentiality is costly and so is having your own information hacked.
Depending on your type of business, a cyber security policy can simply be added to a Business Owner's Policy (BOP).
It can get more complicated than that. It all depends on the type of business.
π§ Actionable item: Review options for encrypted emails. This is a good safety net. It's like having a railing around your deck so no one falls.
Schedule a meeting with your insurance Broker/Agent to see what options are available.
π₯ Here's a general article that identifies types of businesses that should be considered and why. https://www.nerdwallet.com/article/small-business/cybersecurity-insurance
*Linda Rey is a licensed insurance professional in the State of Connecticut only. Review the aforementioned with your licensed professional.
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Welcome to the Biz Glitch 366 series where we discuss 366 mistakes that we've made and seen in business over the course of 6 decades collectively.
We'll share a mistake of the day aka GLITCHES. We've organized the 366 glitches into 21 categories. Accounting, Bookkeeping, Branding, Business Growth, Business Operations, Business Structure, Credit Score, Culture, Customer Service, Cyber Security, Financing & Financials, Human Resources (HR), Insurance, Marketing, Mindset, Legal Issues, Outsourcing, Sales, Technology, Training/Education, Website Management
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