31 Jan Staying Safe on the Battlefield of Cyber Wars
As the top insurance agency in Metiaire, AWS stays on top of current topics. One of the top concerns in World Economics is now large-scale cyber attacks. The growing cyber-dependency of governments and companies and the associated risks of hacking by criminals or hostile states have threatened stability. Preparing for cybercrime is just part of the cost of doing business, and as governments around the world scramble to protect their IT against cyberwars, business leaders in the private sector are worrying about legions of unaffiliated hackers who can attack from the comfort of their living rooms.
These threats can come from rogue employees, independent contractors, or anyone that has access to company data. Many businesses keep their customer’s financial information in databases; the technology customers take security for granted can allow their credit card numbers and other sensitive information to end up in the wrong hands.
One type of business insurance helps soothe these concerns by offering network security and privacy liability coverage. In addition to the business insurance extending their coverage to help protect against cyber attacks, there is also something known as cyber insurance.
A cyber insurance policy, also known as cyber risk insurance or cyber liability insurance coverage, is designed to help an organization mitigate risk exposure by offsetting costs involved with recovery after a cyber-related security breach or similar event. Even though cyber insurance is still evolving, the following is common reimbursable expenses:
Investigation: After a cyber attack, a forensics investigation is necessary to determine what happened. These investigations may involve the services of a third-party security firm, law enforcement, and the FBI.
- Lawsuits: This includes legal expenses associated with the release of confidential information and intellectual property, settlements, and fines.
- Business Losses: A cyber insurance policy may include similar items that are covered by an errors & omissions policy as well as monetary losses, loss of business, and data loss recovery.
- Privacy: This includes required data breach notifications to customers, and the other parties affected. In many jurisdictions, this is mandated by law.
At AWS, we know how fast the world is changing and how dangerous things can be even in the comfort of your office. Our skilled insurance agents look at your coverage needs at a full scope to make sure that you are protected in any situation. Contact AWS Insurance Agency in Metairie today where we keep your best interests in mind.