Why You Need Cyber Liability

As anti-hacking systems are put into place to protect your business that are more sophisticated than the last, the criminals that want to steal your information are evolving at just as fast of a pace. These threats must be taken seriously as they could compromise how, and with whom, you do business.

Don’t think that because you might be a smaller business, that you’re safe! If your business stores and collects, credit card numbers, driver’s license numbers, social security numbers, cardholder names, email addresses, or even phone numbers, then your business is subject to cyber attackers that could use any or all of that information to commit identity theft and/or fraud.

In fact, the smaller the business, the more likely it is that you get attacked because you might not have the systems in place to withstand a hack. And without Cyber Liability coverage, you will be on the hook for the cost of cleaning up the mess left by the hackers.

A “mega-breach” occurs when more than 10 million people are affected by a cyber-breach. The number of mega-breaches jumped 700% in 2013 alone according to Symantec. According to another report, nearly 80% of cyberattacks are designed to steal information, not to take down the system in which they are hacking into.

That means you should be focusing on protecting your customer’s information, financial data, employee records, and your intellectual property. The main reasons that cybercrime is on the rise are from the growing use of the cloud (storing information via a shared server), the increasing use of portable devices (laptops, phones, tablets, thumb drives, external hard drives, etc.), and the fact that debit/credit cards are more popular than ever.

Not all Cyber Liability policies are created equal, so please contact us at www.parteeinsurance.com or at 626-966-1791, so that we can assist you in crafting a policy that best protects you and your business.