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The Value Of Prevention Against Cyber Security Attacks

As a firm that works very closely with small and medium-sized businesses, it is essential to stress the value of preventing a cyber security attack. Most of the companies in America are classified as small. They make up 99.7% of U.S. employer firms. After a cyber security breach, a small business could face losses in the tens of thousands. 

Because of how we (and everyone else) store information and data, it is an issue that everyone has to manage and mitigate. There are several ways to protect yourself and your business from cyberattacks and the financial losses you could suffer. One such option is having cyber security insurance. 

Insurance Options For Business Owners

Though there are different types of insurance for technology-based companies, most business owners in other markets can purchase liability and first-party coverage. Liability coverage protects you and your business if you are to get sued because of a cyber attack. Your insurance may cover you when a third party seeks damages and financial restitution. 

If you drive a car, you likely already have another form of liability coverage. Should you ever get into an accident and are at fault, you could be forced to pay for the car's damage and any of the driver’s injuries. Your cyber security liability coverage works in the same way. And they can cover you if you need to go to court or pay regulatory fines. 

First-Party Coverage

First-party coverage, unlike liability insurance, is centered on you rather than the customer. For instance, your business may suffer lost revenue and be sued or fined. Not only can first-party coverage help you financially, but some policies will notify the people who were impacted by the breach. Imagine the time you could save and how it would allow you to focus on your business. 

When you shop for first-party coverage, ask whether the insurance company will pay for the investigation that determines how the breach was caused. This allows you not only to identify the issue but will also highlight areas where you are still vulnerable to future attacks.

Cueto Law Group, P.L. 

Although cyber security is valuable and important, it doesn’t cover everything. Ideally, you want to prevent the attack from happening. The experienced attorneys at the Cueto Law Group can audit your business to determine how vulnerable you are to an attack. Don’t wait for one to occur to discover that you could have prevented it. We offer consulting services on protecting your business from ransomware attacks. Contact us today to schedule your consultation.