Cyber Liability Insurance: An Essential for Business Owners

Cyber Liability Insurance: An Essential for Business Owners

Carmel, cyber liability insurance

According to IBM’s most recent Cost of Data Breach Study, the average cost for a lost or stolen record rose from $154 to $158 each during 2016. Moreover, the companies surveyed lost an average of $4 million for data breaches. Those are some sobering figures, but are also part of the modern reality of doing business. That’s why in Carmel, cyber liability insurance is an essential as part of your business’ risk management strategies.

Coverage for Data Loss and More

The most common causes of data breaches are criminal hackers, disgruntled employees or third-party vendor failures. Any of these can result in losses, especially if you don’t just narrowly define losses as missing data. You’ve got to look beyond that to count the cost of a security breach: time and money spent on data recovery, reimbursing injured parties, public relations actions to address the incident and legal expenses. That’s where cyber liability coverage can significantly cut your losses and provide the cash flow you need to even deal with temporal issues such as business interruptions.

Your Agent Can Help

When shopping in Carmel for cyber liability insurance, it’s vital to choose a firm with not only the products you need but the experience in recommending the best solutions for your business. Your agent should evaluate your whole risk management picture and make recommendations based on it.