Cyber Liability Insurance – is your Business Protected?

While not everything shown in movies is 100% accurate; those shown in movies related to cyber threats and risk of hacking and malware such as “Snowden” are – at large – quite similar to reality. No, you won’t get hacked for no reason (although that too, is possible), usually hackers and these criminal organizations interfere in dealings in which sensitive financial and intellectual information is being shared. If you’re not an expert in these matters and are new to computers in general; you are more likely to be affected by such events. There are tons of recorded cases in which situations similar to ones explained above have caused businesses to suffer great losses. According to the FBI, such cyber-attacks cost companies an average of $130,000 with damages climbing into millions of dollars. Such an astounding number can alarm any and every business owner and compel them to take necessary action needed to secure their business online – that is – an investment in cybersecurity.

What type of businesses need to invest in cybersecurity?

With the current world conditions – all businesses; making any type of interaction/ transaction online are prone to cyber-attacks and thus need to invest in cybersecurity. In 2020, the world has had to shift to online mode of conduction of business – be it a small business or a large enterprise – the pandemic and worldwide lockdowns have forced everyone to switch to an online system of trade and commerce. As everyone is online, everyone is at risk of a cyber-attack.

You see, even before these circumstances, the world had become so globalized that shifting businesses to cyber space was just an inevitable feat. If anything, the breakout of the virus has fastened the process. in conclusion, you need cybersecurity during these trying times and after them too.

Cybersecurity – the works

Although there are a few big criminal organizations around the globe that run the business of exploiting the cyberspace, the most common which prevail in the United States with regards to businesses are the social engineering enterprises. These “may be run by individuals or by small, loosely organized crime cartels. Actors typically target younger, lower-level employees who tend to be more trusting and less wary of suspicious communications.” – Cyber Coverage Explained

This means that these organizations target the more vulnerable/ weaker part of your team and exploit them to cause great losses to your funds.

You can learn more about these enterprises by just a small search on the internet. In every case, you’ll come across a common advice – the need to insure your business against these cyber-attacks. A cyber liability insurance will protect you and your business from a wide range of attacks. For instance, it will:

  • Protect your company’s and your consumer’s data
  • Will minimize the risk of cyber-attacks to the minimum
  • Fines that your business may get in the wake of a cyber-related event
  • Protects you from losses suffered from cyber-terrorism and cyber-extortion

And much more! You can get detailed information here.

Why Paradiso Insurance?

We are a team of progressive professionals whose aim is to protect you and your business from current and future attacks. We realize that the need of the time to secure your business on ground and on the line. Our uniquely constructed cyber liability insurance helps you get the best out of your plan – I n addition to the best security!