Data Breach Insurance
Cyber attacks are becoming more common and are especially targeting small businesses. Business owners collect employee information, customer details and store them virtually. Unlike decades ago, where data stored was physically in a secured location, technology has made it easier for businesses to acquire systems that help in the smooth running of the business. Get your commercial data breach insurance quote now.
The cost of cyber insurance is rising as the number of data breaches continues to increase. While the average cost of a data breach is $7.91 million, the actual cost will vary depending on the size and scope of the breach. For example, a large breach that affects millions of people can cost billions of dollars. In addition, the cost of cyber insurance will also depend on the type of organization that is being insured. A small business will have a different premium than a large corporation. The best way to find the right policy is to work with Key Insurance Cyber Specialist. They will be able to help you find the right coverage for your needs at the right price.
Data Breach Insurance
Data breaches are on the rise, and it’s not limited to large corporations. Identity thieves are increasingly targeting small businesses as well. It is because small business leaves themselves vulnerable to hackers. Despite your best efforts to protect your business, cyber attack and any data breach to your business could cause financial losses. Breach insurance protects your business and responds to data breaches.
Cost of Data Breach Insurance
Several factors affect the cost of breach insurance. The cost will depend on location, customers, data security stored, revenue, and claims history.
Why do businesses need data breach insurance?
Small business owners believe they are covered under general liability insurance in case of a data breach. However, this is not the case. Small business is as much a target to cyber attacks. Data insurance is not just for big corporations. Small business owners may feel they are not big enough to be targeted. Any company that collects and stores customer or employee information is at risk of being hacked. Hackers will look for weak points in any business, and unfortunately, small businesses fall victim.
Similarly, burglars will have difficulty accessing a building with the proper security measure than another without any security.
A breach insurance policy will help you respond quickly after an attack. Businesses that are more prone to data breaches and cyber-attacks include banks, hospitals, or schools.
Ways you prevent a data breach in your business
Any form of a data breach can have long-term effects on your business. Turning back the clock may not be possible, but you can always put some measures in place that will help to protect your data.
Measure You Can Take to Protect Your Business
- Reduce the amount of information you collect for employees and customers. Only acquire the essential and necessary information
- Minimize the places you store the data. Have a single file that is accessible to limited people.
- Safeguard data by ensuring employee physical information is locked in a separate location with restricted access.
- Delete and erase files and shred any papers that are not in use. Use apps to clear data on computers by updating information and investing in antivirus software.
- Don’t use employee’s social security numbers as employment IDs or client bank account numbers.
- Have a company policy about privacy and data breach and sensitize your employees of the same.
- Restrict the use of computers for business purposes only. Restrict file sharing and block access to restricted sites.
- Secure all computers by password-protecting access to computers and require a re-login after a period of inactivity.
- Keep security updated by using firewalls, antivirus, and spyware software.
- Encrypt data transmission and avoid using WiFi networks. Only allow encrypted data to download to portable devices.