Nearly every business, especially those with an online presence, has the possibility of severe damage from a data breach and therefore benefits from having special commercial insurance for cybersecurity. The insurance agents at LeapFrog Insurance in San Antonio, TX note that hackers are attacking businesses, financial institutions, and governmental organizations to cause severe damage and enormous losses.
These hackers are not just lone cyber-geeks trying to penetrate networks and systems for some hacking fun. In many cases, the cyber attacks come from organized and sophisticated hacking teams that are working for governments and/or intelligence agencies.
Billions of dollars are lost to cyber threats annually, with a new case of personal identity theft happening about one in every three seconds. Confidential and propriety company data is stolen and easily found for sale on the “dark” web, which is the “secret” network hub for criminal activity worldwide.
Organizations that manage highly-sensitive data files such as personal medical history records are required by the Health Insurance Portability and Accountability Act (HIPAA law) to use additional and robust security protection for their networks and storage media. They must do many things under the law in order to make sure these data sets are not compromised for misuse.
When considering the cost of these risks, it is shocking to discover losses and fines that occurred in the hundreds of millions of dollars.
Insurance for Cybersecurity
Cybersecurity insurance helps to mitigate losses from data breaches, network damage, and business interruption. Cybersecurity insurance also helps reduce the losses from cyber attacks by using preventative measures. Most businesses will suffer a cyber attack and many have uncertainty about where it may come from. The Department of Homeland Security works with key stakeholders in the organizations that have exposure, in order to address increasing cybersecurity risk.
Get a Cybersecurity Insurance Quote Before It Is Too Late
Request an insurance review by your agent at LeapFrog Insurance serving San Antonio TX and the surrounding area to get a quote for cybersecurity insurance.