Over the last several years, the digital world has risen in prominence and is now ubiquitous in most forms of commerce. These advancements in technology have allowed for industry growth that has been unprecedented. People all over the world are able to connect and interact in ways that have never before been possible. This has opened the door to more commerce and the creation of new businesses, but it has also opened the door to a lot of challenges.
While there are now more ways than ever to grow your business online, there are also new risks associated with these developments. One of those risks that affect every size company from startups to established enterprises, is that of cybersecurity.
What Exactly is Cybersecurity?
Cybersecurity is nothing new and is in a lot of ways one of the most fundamental parts of the digital landscape. Any kind of digital commodity or resource is under threat of some kind of cyber attack and cybersecurity refers to the act of protecting that data. Protection, in the form of cybersecurity, for businesses covers any kind of data, system, or even hardware that is connected to the internet.
In the digital age, companies are constantly creating and collecting data in a variety of ways. Even basic e-commerce businesses that don’t specialize in technology are still taking payment information online. This data that accumulates is all at risk of being exploited by cyberattacks at any moment in time.
Cybersecurity is a broad term that represents a service that protects a company from any kind of breach or unauthorized access to the data that they accumulate. If you have been wondering about ways that you can protect your business and increase your cyber security, here are three options to consider.
Get Cybersecurity Insurance
If you are starting up or running a business that deals with or handles digital information, then one of the first places you can start to strengthen your security is through the right kind of insurance. Cyber security insurance helps to protect you and all of your hard work in the case of a cyber-attack.
Businesses that collect customer-related data of any kind run the risk of being high-value targets for cyber attacks. This kind of information could be as simple as payment information, phone numbers, email address, or even social security numbers. The more personal the information that your company can keep a record, the more of a duty you have to protect that information and the higher risk you run of a cyber attack. Like all insurances, these policies do not cover or allow for negligence but instead are a strong feature of due diligence. Cyber security insurance protects your company from things that are out of your control and does not empower bad management of your cyber security.
On average, for small and medium-sized companies, a cyber attack can represent a cost of over two million dollars in damages. For any kind of cyber business, this kind of massive price tag associated with a cyber attack could be enough to put a company in financial peril. Having insurance helps to give you peace of mind that if an attack were to happen, your company could withstand the financial impact of it.
One of the reasons that cyber insurance has emerged onto the scene recently, is simply because traditional forms of insurance have struggled to cover the complexities of this issue. This kind of insurance generally covers these important elements of a business that has a digital presence and takes in data:
Loss of transfer funds
Business interruption/loss of revenue due to breach
Data loss, recovery, and recreation
It should be noted, that for many tech businesses E&O insurance is also highly recommended, however, these two coverages are very different. E&O does not protect against the dangers and damages of a cyber attack.
E&O stands for Errors and Omissions, and this is very different from cyber attack insurance, however, it is highly recommended for any kind of cyber business. Like Cyber security insurance, this form of coverage was developed to help protect emerging technologies. The best way of thinking of this insurance is that it is professional liability insurance for tech companies.
E&O insurance protects companies against the damage that can be incurred by lawsuits from customers.
Work With Experts
Building a business is hard work and takes a lot of sacrifices. When it comes to getting your business insured, work with experts that understand your field. These should be professionals who know the ins and outs of your field of tech and can help you find the best coverage possible to help protect your hard work.
The concept of cyber attacks can be daunting and a little bit scary. With the right coverage and help from trained professionals who are experts in this industry, you can find the protection and coverage you need.