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Home » Beyond Basic Business Insurance: Your Need for Cyber Risk Mitigation
August 15, 2022

Beyond Basic Business Insurance: Your Need for Cyber Risk Mitigation

In today’s data-driven environment, businesses face more cyber risks than ever before. Cyber risk is a growing threat to all companies, regardless of size. A basic business owner’s policy may not include coverage for cyber threats. 


What Are Cyber Threats? 


The term cyber threat can apply to a variety of situations. In general, it implies that various internet threats pose some risk to your business, your employees or your customers.  


Your business may be at risk of a cyber threat if:


  • You conduct business online. 

  • Your business uses electronic fund transfers or credit card payments. 

  • Your business interacts with customers online. 

  • You utilize cloud storage for your company’s payroll, customer sales or other information. 

  • You use computer systems to link your businesses from multiple locations. 


Exploring Cyber Risks 


Every business owner needs to reduce their risk of cyber threats. You should have security systems in place to combat cyber threats, and they should be updated frequently. 


Cyber risks may expose your customers’ or even your employees’ data to threats. It can also include leaking information about your company’s products or business plans.  


Working with your business insurance provider will help ensure you have coverage in the event of a high-risk event. Be transparent with your customers and employees about what steps you take to protect their private information. Having the highest level of security in place to prevent attacks is essential 

Categories: Commercial

Tags: commercial, coverage, cyber, insurance, liability

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