Cyber Insurance: What Is It, Do You Need It?
Most brick-and-mortar business owners have never heard of cyber liability insurance.
This is unfortunate because this type of insurance can protect businesses in the event of a cyber attack, a type of attack that can essentially destroy a business's online presence.
A cyber liability insurance policy is critical for businesses that do most or all of their business online.
Online business entities of all sizes and types are at risk from a multitude of cyber attacks, and the number of attacks continues to grow in staggering numbers with each passing year.
There is a great article on Futurumwhy you need cyber insurance... the key takeaway:
In today’s world, cyber insurance is not a luxury, but a necessity. However, cyber insurance shouldn’t be used as your “Get Out of Jail Free” card when it comes to protecting your data networks. You will still need to take adequate care to protect your company’s digital networks and follow digital security protocols. Ultimately, even though cyber insurance can’t help with a broken reputation, it will neutralize some of the risk and help you stand back up in the event of a security breach.