What You Need to Know About Cyber Risk

Cyber risk – the risk of financial loss or damage to your reputation resulting from an information technology failure-is a growing danger today in every sector of business. Types of risk include hacking, malicious viruses, several types of network security risks and cyber-terrorism attacks. As organizations become more and more reliant on electronic information and communication, the opportunity for cyber security issues is growing at an alarming pace. Cyber criminals steal personal information such as credit card numbers, social security numbers, health records and tax returns, as well as sensitive business information like customer lists, electronic assets, and trade secrets. The damage done to finances and reputation, and the time required to repair this damage, can be enormous. Some of the better-known victims of recent cyber theft include Target, Adobe, and J.P. Morgan-Chase.

Fortunately, insurance companies have stepped up to help companies deal with this growing threat. In the past several years, a number of cyber liability policies have been created and are available to businesses interested in protecting themselves from these horrific attacks. Most policies can be tailored to individual business needs, ensuring that each business gets the protection they require to feel safe and secure and to recover from losses incurred as quickly as possible. In today’s electronic world, cyber attacks are a very real danger, and cyber risk coverage is rapidly becoming an essential part of an effective risk management program.

Categories: Cyber Risk, Insurance
This post was written by , posted on December 22, 2015 Tuesday at 6:45 pm

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