Cyber insurance is more important than ever before. If you run a business, there’s a good chance that cyber security is on your mind. You may even be thinking about how you can protect your company from the risk of data breaches, fraud, and identity theft. The good news is that cyber insurance can help you mitigate these risks and keep your business safe. If you want more details on how much coverage costs or if there’s another option available to you, contact a licensed insurance broker today here at https://graceinsurance.com.au/small-businesses-and-cyber-insurance/
Here are 7 reasons why you need cyber insurance for your business:
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- The Cost of a Data Breach is Going Up
The cost of a data breach is going up. It’s more expensive than ever before. According to the Ponemon Institute, the average data breach cost has increased to $3.86 million over the last two years alone—and that’s only one organization’s experience!
The rate at which organizations are experiencing these losses is also on the rise; according to an IBM study published in 2015, nearly 1 billion records were exposed by hackers daily between 2014 and 2015 (a 30% increase from 2013).
- Your Business is More at Risk Than You Think
The risk of a data breach is growing, not just because of the number of businesses breached. If you are breached, your business costs go up; if you don’t have cyber insurance, it also goes up.
The last few years have seen some major data security breaches: Equifax in 2017 and Yahoo! in 2013 were both huge losses for their respective companies. But these weren’t isolated incidents—many other companies have suffered similar fates over the last decade.
- Cyber Insurance Can Help You Avoid Costly Fines
You may be surprised to learn that the government has some of the most strict privacy laws in the world, and it’s not just because they want their citizens to be secure from hackers and cybercriminals. The Canadian government also wants to prevent companies from breaching these rules by ensuring they’re not breaking any laws themselves.
For example: if you have a website that allows users to share personal information (like their name or address), then this could violate one of Canada’s most important pieces of legislation: the Personal Information Protection and Electronic Documents Act (PIPEDA).
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- Cyber Insurance Helps You Maintain Control
Cyber insurance is one of the most important things you can do to protect your business. It helps you maintain control over your sensitive data and information so that when something goes wrong with a cyberattack, it doesn’t cause serious financial damage or expose private information.
- Vendors Now Require Proof of Cyber Insurance
Many vendors now require proof of cyber insurance before doing business with you. While this is a good thing, gathering the documentation for each potential vendor can be time-consuming and tedious.
- Having Cyber Insurance is a Must for Businesses Today
Having cyber insurance is a must for businesses today. It’s not just about protecting you from losing your data but also about the cost of repairing or replacing systems, which can be costly. Cyber insurance can help you recover from a cyber-attack by reimbursing you for any losses incurred due to an attack on your business.
- If Your Company Uses Cloud Computing, You Need Insurance
Cloud computing is a growing risk for businesses, large and small. Technology has been around since the 1990s. Still, it only recently became mainstream with the rise of internet-based services like Amazon Web Services (AWS), Microsoft Azure, and Google Cloud Platform.
Conclusion
If you’re running a business today and want to be prepared for any possible cyber threat, it’s time to get insurance. Cyber insurance can help protect your company against massive data breaches and costly fines.