Today, more and more businesses are transacting business online. You can store details or records in an online shop, receipt payments, manage transactions, provide portals for your customers and/or suppliers. Additionally, you can also communicate with your customers or get their feedback on your business, offering services online, allowing customers to make reservations or even book an appointment online.
However, as convenient as that may sound, the need to protect your business from cyber-attacks is a growing concern for all businesses. Putting measures in place to protect yourself and your business is essential as the growing pressure for the use of electronic technology is creating a significant risk to almost any business that operates a website, transacts business, or has an internet presence.
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As your business continues to grow and expand, this could mean it will also become highly accessible to anyone, as you may be exposed to a potential cyber-attack. In the unfortunate event that your business does experience cyber crime, the degree of financial and brand impact placed on your business may eventually lead to a downfall in revenue and sales for your company.
The world of the internet is very much unregulated. Hence, cyber security is a growing threat to businesses worldwide. While we can’t foresee your company being cyber attacked, our brokers are able to arrange cyber protection insurance policy on your behalf.
Why Is Cyber Protection Insurance Important?
In today’s day and age, cyber threats are one of the most potential risks to businesses around the world. No business is immune from the reality of cyber-attacks and data breaches. We are seeing more and more of our clients being affected by these attacks.
A recent example of a claim we managed on behalf of one of our clients occurred when their company’s email account was breached and copied by hackers. This caused sensitive information to be used by these perpetrators to falsify invoices to resemble those from our client’s accounting department, demanding payments of outstanding invoices. Subsequently, the amounts owing were redirected to the hacker’s accounts.
Fortunately for our client, cyber protection policy protected him in this instance. Just imagine what could have happened if our client didn’t have a cyber insurance policy in place to meet most of the lost income. Not only would our client be looking at loss of income, they could have possibly lost a number of valuable long-term clients. Their brand would have been tarnished and they could have faced possible lawsuits for breach of privacy which, in turn, could have been a financial disaster.