Attacks by cybercriminals are on the rise in this ever-changing and growing digital world. They can be devastating to companies but they do not have to be. Having the right cyber & network security insurance in place before an attack occurs can make all the difference.
What Can Happen After an Exposure?
Many organizations fail to realize that successful criminal hackers cause more problems than just the initial loss of sensitive data and/or money. It can also require paying for digital forensic and legal services to discover the source of the issue, mitigate the immediate damages, and take care of monetary claims from outside sources.
If the theft resulted from malware, then computer equipment and network replacement may be an expensive necessity. If the damage is severe enough the repairs may mean serious downtime for company operations as well. There is also potential for severe damage to company reputation and customer sales and loyalty too.
What Can Cyber and Network Security Liability Insurance Do For You?
All does not have to be lost from a digital security breach though, there is insurance that can help you take care of the potential fallout. Insurance policies for these incursions can cover many potential expenses including but not limited to:
- Legal fees and fines
- Replacement equipment costs
- Public relations and restorative advertising needs
- Third-party claims
- Business disruption losses
Digital criminals can take so much more than just data and money so it is more important than ever to be prepared to deal with all the consequences of a cyber-attack.