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Should you purchase cybersecurity insurance?

In 2021, most companies rely on the internet to conduct business. While this allows many to increase their sales, it comes with its share of risks. A cyber-attack can have disastrous consequences, as operations are often driven by technological tools.

It has become necessary to defend against this type of attack. But as protections evolve, hackers adjust: no company can claim it is completely cyber-risk-free. Let’s take a look at whether you should purchase cybersecurity insurance.

We must remain vigilant, without being too paranoid either.

The importance of prevention

Cyberattack, identity theft, data breach: all these terms can sound chilling. They can threaten not only a company, but its customers and employees as well. As soon as you have a website, you must remain vigilant, especially if it is transactional. There are a few things you can do to help make your site more secure:

  • Choose proper passwords (avoid 1234!)
  • Update your software regularly
  • Back-up your site regularly
  • Seek advice from cybersecurity experts

BDC has an interesting article on this subject.

How does cybersecurity insurance protect you?

Of course, you can’t control what hackers are up to. But you can at least plan ahead.

Depending on your situation and needs, cybersecurity insurance can cover a variety of situations:

  • Damage to your computer system
  • Valuable downtime (if your site is temporarily paralyzed)
  • Costs incurred to respond to a computer incident
  • Costs related to piracy and extortion
  • Etc.

The issue is vast, and it can get complicated. But ultimately, all you want is peace of mind.

So, what coverage would best suit your needs? Contact one of our brokers to discuss this issue and get on with your business with peace of mind.

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