Do you need cyber insurance?

Cyber Insurance A Growing TrendHow safe do you think your company is against a hacker? A current survey showed that almost 52 percent of businesses didn’t even have security guidelines regarding their IT departments. Most businesses are ill prepared to combat the ever increasing threat of cyber crime; however, there are things that can be done to lessen your risks.

When a computer security organization did a survey of businesses regarding security and crime they found that a whopping 43 percent had experienced some type of internet security breach in the last year. Hackers have gotten in to the Department of Energy, Department of Defense, finance companies, credit companies and phone companies; it doesn’t matter if your business is large or small, the threat is real, and it is huge.

Companies are depending more and more on the new technologies to help their businesses grow; but at the same time, they become more vulnerable to security incidents. So what can be done to lessen the risk, without going back to the dark ages?

Get people involved from the top level financial officers and board members, all the way down to the employees on the floor. Hire someone outside of the organization to do an evaluation of your internet security system, find your weaknesses and correct them before they become a problem. Furthermore, talk to your insurance agent and find out whether your business would be covered if there was a security incident; you might find that you need to purchase cyber insurance.

Companies need to understand this threat is serious, and it is only getting worse. All it could take is one incident to cost your business millions of dollars, not to mention the incredible cost it would have on your customers, and their trust in you.

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