Why Cyber Security should be on your Mind

Why Cyber Security should be on your Mind… Especially Gig Workers and Independent Contractors and Builders, Real Estate Agents and others working with the public

Cyber Coverage from FI

Cyber crime is the world’s fastest growing crime – and it is not just a big business problem. Municipalities, small businesses, consultants and contractors are all companies being targeted . Know that most Malpractice and General Liability polices will not provide the coverage you need.

If that isn’t enough to convince you that you need a cyber policy, here are nine more reasons why you do.

1. Small businesses typically don’t have the financial resources to rebound after a cyber attack or data breach. Cyber Coverage provides the deep pockets necessary to make the repairs
2. Do take credit cards? Credit card crime is a $7.5 billion industry worldwide – and growing.  Merchant service agreements Hold you responsible for any lost data!!. You  will be liable for the cost of a forensic investigation, re-issuing new credit cards, and even the actual fraud of the stolen cards. Even the smallest retailer can be liable for costs that can soar well into the hundreds of thousands of dollars.
3. A cyber policy offers coverage for data restoration in the event of a loss. Your Companies and your personal Data and IP is critical, but one not covered by standard property insurance. Your IP value is likely more than that of the equipment in which it’s stored. A cyber policy offers coverage for data restoration in the event of a loss.
4. Social media is critical in the marketing and image for most businesses. Unfortunately, not enough time and attention to detail and messaging can cause your business… make mistakes This can result in claims that you or one of your employees made defamatory or libelous comments, leaked information, or infringed on a copyright. Defending against such claims can be quite costly, and Cyber Insurance covers those costs.
5. Your Network Down Time is not covered by your traditional business interruption  Policy if a ransomware attack, computer virus or untrustworthy employee shuts your systems down. Most Cyber insurance will provide coverage for lost profits associated with a cyber-related problems Portable devices increases the risk of data loss or theft. A laptop or tablet left on a plane, a cell phone stolen in a purse snatching, or a misplaced USB stick are all potential scenarios. Your device in the wrong hands could mean big trouble. Cyber insurance can help cover the costs associated with a data breach resulting from a lost, stolen or hacked device.
6. Breach notification laws are onerous and expensive to fulfill. You are required to provide written notification to all potentially victims. Cyber policies cover the costs associated with issuing a breach notice.
7. Third-party data …Guess who pays if you lose it?   If your business experiences a data breach. Consumers, too, are frequently filing lawsuits for damages when a business loses their sensitive data like social security numbers, financial data and other IP.

 To get covered Click here for your application or email John@professionalliabilityusa.com or call 202-465-4306 today!