What is Cyber Insurance?
The Internet has changed the way people interact, both at home and for business. With an increasing reliance on cloud-based solutions, digital file storage, and high-tech solutions, Massachusetts businesses are facing an increased risk of cyber attacks. When sensitive information is stolen, the costs to your business can be enormous, and not covered by your typical business insurance policies. Cyber insurance helps to provide this unique and increasingly necessary protection.
In the course of doing business, you are privy to large amounts of sensitive data, including customer credit card information as well as customer and employee social security numbers. Any Massachusetts business that collects and stores this data digitally, such as your employee payroll information, is a prime target for a cyber attack. Criminals will break into your system to obtain this information which can be used or sold, compromising the identities and credit of yourself, your employees, and your customers.
When this happens, you may face fines, reputational harm, lawsuits, and more, costing your business tens or even hundreds of thousands of dollars. Cyber liability insurance can help relieve the financial burden of many of these expenses, allowing you to recover your business and support your affected employees and customers.
