Any business that depends on email, laptops, phones, stores, or processes sensitive information like names, addresses, social security numbers, medical records, credit card information, and other modern technology, you are at risk of a cyber-attack.
The Verizon Data Breach Investigations Report revealed, 33% percent of documented data breaches occur in businesses with less than 100 employees. Nearly 60% of small businesses close their doors within six months following a cyber-attack.
No matter how much an organization puts in its cybersecurity protocols, unauthorized use of information remains a threat. Hacking through the use of social engineerings, such as phishing email attacks, or other methods exploits weaknesses and gains access to sensitive information.
A 2005 to 2015 study by Trend Micro found “The use of hacking offered criminals the best returns for their efforts. These attacks create vulnerabilities beyond the protection of mechanical tools like encryption or password protection.”
A data breach can have vast implications for a company. It can disrupt daily operations as the company tries to understand how the data breach occurred, repair the damage done to systems, and make necessary updates to prevent this from happening in the future.
The public attention from a breach can negatively impact the business as customers who have been affected may switch to a competitor and potential customers may stay away due to fears of losing their data as well.
Data breaches carry a serious threat of legal action. The company may be required to provide credit-monitoring services at no cost to the affected individuals who had their data stolen. The company may be held responsible for fraudulent purchases and fund transfers due to its security cyber-mishap.
Cyber insurance coverage can help a business recover from the financial burdens that security breaches can create. Cyber-attacks can be costly and difficult to overcome. Insurance can cover IT forensics investigation, data restoration, legal liability, and notifying customers about the breach.
A cyber policy may provide companies with protection from data breaches or the loss of electronically stored information.
Cyber insurance policies protect companies from hackers who gain access to company-stored personal identifying information (PII).
There are three cyber insurance coverages and services:
It’s not just large organizations being hacked or getting a virus. Roughly half of the small businesses in the US have experienced a data breach and that most of them had multiple breaches.
Not only can a breach damage your small business’s computer system, but it can also damage your reputation and put your customers and employees at risk as well.
Our Public Adjusters can lift the burden of managing your claim. We evaluate, document, and substantiate every detail of your loss and negotiate your claim for a fair settlement amount to help get your business back on its feet.
If your business has suffered from a Cyber-attack, schedule an appointment with a Cyber damage insurance claims adjuster today at Disaster Recovery Adjusters, LLC. We will provide prompt, reliable service as we work with you and your insurance company to ensure you get the compensation you deserve.
We bring a wealth of knowledge in understanding the insurance process, required repairs and estimated costs of making insureds whole again.
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