Why Your Business Needs Cyber Liability Insurance

As business owners, you constantly make decisions about which physical assets are necessary to insure. However, do you ever consider cyber insurance to protect the non-physical assets, and most important aspect of your business? Business owners rarely understand just how catastrophic a data loss can be. Technology offers a great deal of conveniences, but also poses a lot of risks. We rely on technology for almost everything nowadays, and need to take the necessary precautions by purchasing cyber insurance.

There has been a steady increase in the number of cyber insurance policy purchases, especially within the last three years. People are starting to realize that hackers will always be a step ahead, and cyber insurance is the only way to protect your business from a data breach. Breaches are becoming increasingly more common, and it only takes a few keystrokes for a hacker to gain access to all of your personal and private information.

However, it is not just hackers who can be responsible for your data loss. Almost two-thirds of data breaches are due to human errors and system glitches. Even if you encrypt your files, you have not done as much as you can to protect your business from a breach. Right now, only about twenty percent of businesses have cyber insurance. In a few years, cyber insurance will become a norm. Keep in mind that just because you do not own a large-scale company, does not mean you have a decreased risk for data breaches or cyber-crimes. The majority of breaches take place at smaller companies with less than 100 employees.

Stromsoe Insurance Agency is ready to help you protect your business, contact them today about commercial insurance. Stromsoe Insurance Agency is sure to meet all of your insurance needs!

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