LIONS, TIGERS, AND HACKERS… OH MY!
With more and more new and old companies gathering our personal information, there is so much electronic and digital data out zipping across the internet. It is no surprise that professional hackers can easily access this information, but in this day in age it’s imperative we protect our data property. The fact of the matter is that the social security numbers, email addresses, bank/ credit information, and all of that other personal information we withhold in our precious drives or clouds can be accessed by vicious hackers… and when that happens… LAWSUITS my dear friends, LAWSUITS! All of that sumptuous personal and sensitive data that has been so kindly given to us must be protected beyond the average hacker.
Now, the question is, HOW do we protect ourselves on top of that data? Insurance, people, it’s that simple. Not many people know about cyber insurance, but have no fear because that is why we are here!
A good cyber policy starts with third and first party coverage for the loss of or damage to your stored digital data. This is what we call Network Security and Privacy Coverage. This coverage comes in handy when, say for example, one of your employees decides to take work home on their laptop and then the laptop is stolen and there goes the precious data. Not entirely getting the gist yet? Here’s another scenario, one of those genuine cyber criminals infects several hundred thousand computers and all of your data is lost… you are in for an insipid long-haul.
Cyber insurance pays for the recovery of this lost or stolen data and even protects you from any lawsuits that are filed against you and your company. These costs can summate to $6.75 million, not to mention you have to notify stakeholders, credit monitors, deal with data restoration, and regulatory fines.
So let’s get down to the numbers, shall we? The average costs for an insurance policy are between $3K and $100,000 depending on the size of your company and depth of handling sensitive data.. All in all, it’s worth getting that minor dent in the budget to protect your cyber property versus dealing with the colossal financial damage when it finally does happen.