Ohio IT, Digital, Cyber Risk Insurance
Cyber Liability Insurance is a necessity of the modern business world. With the increased use of e-commerce, web-based file storage, laptops, and smart phones, cybercrime risk is growing quickly. In 2016, more than 4.2 billion confidential records were exposed in confirmed security breaches.
What Kind of Cyber Security Losses Can Happen?
90% of businesses have data that can be breached in a cyber-attack. If you collect information on people, run credit scores, background checks, or accept credit cards, you have an exposure. Businesses that are often affected include retailers, restaurants, medical and dental offices, professional offices, manufacturers, and more.
Cyber Security Insurance losses can come from negligence, such as losing computers and phones. In our culture of mobility, we want access to information 24/7 and this information is moving between multiple locations on multiple devices. This makes for easy cyber-attacks.
Cyber Insurance losses can also come from insiders, knowingly or unknowingly. 80% of insiders put businesses at risk for cyber claims. This can come from disgruntled employees who have lost their job who steal information as leverage for new employment or compromised employees who may have an addiction or financial burdens.
We tend to think of data as names and numbers, but it can be ideology, ideas, or proprietary information. And for those of us who are not technically inclined, good old photocopying and walking out the door with the papers in your brief case is now defined as a Cyber Risk Insurance loss. 55% of small businesses suffer a data breach during their existence. 53% will have multiple breaches and only 33% will report the breaches to authorities or their insurance carrier.
The most talked about cause of Cyber Liability losses is outsiders such as competitors, foreign governments, and pure criminals. An entire portion of the internet is a black market for sales of information including proprietary information on how businesses run their computer systems and websites. Cyber-attacks of this nature could prevent you from taking orders through your website and stop your online business cold. This could destroy your public image. Your business could be ruined if you don’t have a way to handle the fallout.
What If You Already Have Insurance for Your Business?
If you have insurance for your business already, and you probably do, you still need Ohio Cyber Liability Insurance. Basic Commercial Insurance policies do not cover matters related to web activities, but Cyber coverage does. New Cyber Insurance policies include coverage for information that can be stolen that is still in a paper format.
How Do You Protect Yourself from Cyber Security Insurance Losses?
Cyber Liability policies from L. Calvin Jones & Co are designed to protect you from all of these types of threats. We can provide comprehensive coverage and a clear explanation of all the threats of which you need to be aware. If that weren’t enough, our Cyber Risk Insurance policies are much more affordable than you might think. We will help you find the right policy, so you never have to face that dreadful day when your website sinks your business instead of raising it to new heights.
If your business involves the collection of personal information or business sensitive information, then you can’t afford to wait another minute to get Ohio Cyber Security Insurance.