Many business owners have heard of cyber liability insurance but very few that we speak to actually understand what it covers. Cyber liability insurance is a type of insurance that provides protection to your business from identity, theft, ransomware, spam, theft of intellectual property or sensitive information. Who is at risk for cyber attacks, you might ask? All business entities, whether big or small, are at risk. The incidence of attacks has continually grown in overwhelming numbers each year. Not only are cybercriminals targeting large corporations, but they are also going after small businesses that are more susceptible to intrusion.

Most business owners don’t think that cyber liability insurance is necessary until it’s too late.

For you to be able to protect your businesses online, you need to be aware of the types of attacks you should look out for.

Identity Theft

Identity theft is the most common cybercrime that companies need to be aware of. Important company information can be stolen. Employees’ health insurance and credit accounts among others may be used for illegal activities. As bad as that sounds, it can be much worse. Your reputation, if not your business, can be destroyed once this happens. There will be trust issues with clients, especially when the media report the incident.

Ransomware locks your access to particular files. It is software designed to hold your digital information hostage. To regain access, you need to pay ransom to cyber pirates.

To prevent this from happening, you should get into the habit of backing up your data. But if you have an automatic backup system, you may have nothing to worry about.

Ransomware

Spam is often associated with cyber crimes. It usually comes in the form of emails sent to a large number of people at once. Criminals use a phishing tactic where they entice recipients to give away personal information. This information will then be used to open fraudulent accounts. It can also be used to access bank accounts and make large withdrawals.

Cyber criminals can also steal intellectual properties like patents and industrial design rights. They will then sell them on the black market.

Theft of Intellectual Property

Sensitive information includes bank records, medical records, and client information among others. And it is crucial to secure this data. Many cyber criminals target your customer database to gain access to records like bank account information or credit card receipts.

Theft of Sensitive Information

Cyber liability insurance will protect you when you experience a data breach or other cyber crimes. Whether you own a large

corporation or a small business, cyber liability insurance is a MUST. Most especially if you use

the web for certain business transactions. 

In today’s digital age, protection from cyber attacks is something your business SHOULD have. To know more about business insurance, feel free to contact commercial insurance

specialist Nate Stymiest at (920) 883-0268 or visit insurancebynathan.com to request a free quote from Nate!

InsuranceByNathan.com2784 Baylite Dr

Green Bay, WI 54313(920) 883-0268