Why Every Business Should Have Cyber Insurance Coverage

July 05, 2016 at 15:01 PM
Why Every Business Should Have Cyber Insurance Coverage

The rise of technology calls for a rise in security. As more people rely on technology in their personal and professional lives, cyber security is becoming one of the most important aspects of our internet-driven world. Whether it is personal information including credit card data, health records, bank statements, or other highly sensitive information—an individual’s privacy online is crucial to maintaining a safe and positive digital experience. Businesses are also affected by cyber security, but carry even more risk than individuals. If a business has a breach in security, they risk losing data that has been entrusted to them. When there is a security interruption, a business doesn’t just jeopardize their own privacy, but the privacy of their entire network of employees, vendors, customers, and contacts.  Although breaches in security can cause severe consequences for individuals, businesses face an entirely different sense of accountability. When the cyber security of a business is jeopardized, it is not just the company that faces the aftermath—it is their entire network that can potentially be affected. The liability associated with these breaches can have detrimental effects to a business, if they are caught unprepared. At THW Insurance, we understand the importance of protecting your business and your assets. To ensure that a breach in security doesn’t ruin what you have worked hard to build, we believe that every company should have Cyber Insurance Coverage.

You may believe that cyber security is important, but perhaps you aren’t exactly sure how to protect yourself—this is exactly where we come in! Our team knows the ins and outs of insurance and recommends that you take certain precautions to make sure that you aren’t putting yourself at a heightened risk. After countless security breaches of highly publicized companies, it is apparent that no one is exempt from the threat of security disruptions. Here are the precautions that THW recommends for your company:

  • Protect network accounts with passwords

  • Change passwords multiple times annually

  • Encrypt your financial data

  • Utilize a firewall

  • Prepare a plan for a potential security breach

  • Become aware of the current behaviors that cyber criminals are engaging in

  • Train your team to handle information securely

We recommend that all companies utilize these precautions, but also consider their course of action in case of a crisis. THW can help you stay secure with card chip security and also protect you from hacking, data breaches, and stolen information. Call us today to see how we can make sure that you are covered and aware of the practices to protect your business from cyber criminals.

Call us at 615-443-3849 or email [email protected] for more information.

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