Cybersecurity liability insurance is a must-have tool in defending, protecting, and securing your business against unforeseen cyber risks.
It gives you peace of mind, financial protection, and options in restoring and recovering your data. Cyber liability insurance is especially important if you’re in a compliance-heavy industry.
The fallout from NOT having it in place can cripple you financially, tarnish your reputation, and cause costly disruptions to your operations. It’s a vital safety net in mitigating the damage associated with cyber incidents.
Here’s why investing in cybersecurity liability insurance is a prudent step:
In the aftermath of a cyberattack, the costs can escalate quickly — things like forensic investigations, legal fees, customer notification, and potential fines are typically covered with cybersecurity liability insurance. This is one of the primary reasons we recommend this type of insurance.
Data Recovery & Restoration
On average, SMBs will spend between $250,000 and $653,587 on cybersecurity incidents in 2023. Insurance coverage can facilitate the recovery process, ensuring minimal disruption to your business operations.
Legal & Regulatory Support
Data protection laws and regulations change regularly. Being in compliance is paramount to your company. Cybersecurity insurance often includes legal assistance and support to navigate the complexities of regulatory requirements in the event of a cyber incident.
A cyber incident can severely impact your brand’s reputation and you’ll likely need a PR consultant to help you craft communication with your customers and vendors. This is one area that requires a proven approach.
At Centriworks, we consider cybersecurity liability insurance an integral part of your business’s cyber defense strategy. Statistically speaking, it’s not just a matter of if, but when, you’ll need help after a cyber incident. Don’t go it alone.
When it comes to your technology and cybersecurity, there are no questions too big or too small. Contact Centriworks today for a consultation (it’s complimentary). Reach us online or email us at firstname.lastname@example.org to get started.
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