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What You Need to Know About Cyber Security

If you own a business, your number one priority is generally to protect your company’s assets. As someone with a high net worth, you know the importance of protecting assets. Do you also know the importance of protecting yourself online? Here is what you need to know about cyber security and the importance of cyber security solutions.

What Are the Risks?

Technology can be a great tool. Unfortunately, as technology has grown in popularity, the risks have also grown. Cyber criminals have a number of ways that they can steal data. Some of this data includes credit card numbers and bank log-in information. Criminals may even steal email accounts to impersonate you or another individual in your company.

Can You Mitigate the Risks?

With the right information security policies and procedures, you can mitigate cyber risks. On top of risk management, it helps to have cyber insurance. High-end cybersecurity solutions include coverage for identity theft, data restoration, extortion, online libel, cyber reputational management and more. In addition, insurance carriers may provide an analysis of your cyber security systems.

When it comes to cyber security, you cannot be too careful. This is particularly true when you have a high net worth that others may try to exploit or use to their advantage.

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Cyber Concerns Continue to Escalate

Our society continues to become more and more connected. Driverless cars, homes controlled by smartphones, even entire cities are being connected to the Internet. We are placing software into everything, everywhere. This has changed the way we now live forever, and how we will interact into the future. As technology becomes more deeply integrated into our lives, we become more dependent on it, until hackers discover ways to control these items and systems and make lofty demands.

Even in a small community like Carmel, this dependence on a computer network to operate businesses presents serious exposures to breaches and loss of sensitive information.

Most experts agree that we’re becoming vulnerable to our own technology and will suffer the consequences if and when that technology fails. Carmel cyber liability insurance is one way for local businesses to address some of these concerns.

 

Reputational damage is also an issue

 

Any loss of reputation and brand value can be devastating, particularly to small businesses, and has certainly become one of the major concerns. Obviously, if your company experiences a loss of personal and/or confidential data, it may result in a lack of trust in your ability to protect customers, employees and clients.

 

A comprehensive set of network-security policies and procedures needs to be properly implemented, tested, and updated, and on a regular basis to stay ahead of the criminal element. We must ensure that the proper risk assessment is being implemented and that a thorough risk management approach is put in place. If your business falls victim to a breach, what will this do to your reputation?

 

Business owners have to understand they now face a serious danger from privacy breaches. Confidential information and personal data is a very valuable company asset and one that companies must strive to protect. Cyber security liability insurance is the only way to cover data breaches by hackers who steal digital information, and conventional insurance plans don’t cover the costs incurred from misplacing or losing sensitive data.

 

Anyone doing business locally online is risking exposure to cyber liability concerns, and individual information online has become more public, just as sensitive business information has become more open to exposure as well. Speak to an agent now and protect your business from these dangers.