Why Businesses In Akron & Canton Need Cyber Insurance
- A serious data breach rocked the entire business community.
- Hackers are always searching for vulnerabilities in your security layers.
- This coverage reimburses your organization’s out-of-pocket expenses.
- Besides the costs you’re forced to pay, next comes the lawsuits.
- Today’s gold standard isn’t your money; it’s your data.
It was shocking to discover that Akron-based insurer SummaCare experienced a severe data breach. Impacted by this cybercrime were 1,100 of the company’s members. Each was notified that their personal and sensitive information might have been taken.
A crime like this occurs locally and puts the entire business community on edge. If it can happen to a local business, it can happen to your organization. That’s why we put together a short video on why businesses in Akron and Canton need cyber insurance.
What Is Cyber Insurance?
Cyber insurance is a policy designed and offered by insurers to help protect a business or organization in case of a data breach. That coverage may also extend and apply to damaged or stolen intellectual property.
An Akron or Canton business risk level is difficult to gauge because your company’s network continues to grow. With that growth, cybercriminals and hackers will try to find and exploit your IT infrastructure’s security layers to locate its vulnerabilities.
Proactively planning against cyberattacks and combining them with cyber insurance coverage is the best approach. That action plan boosts your organization’s protection against costly cyber threats and loss of sensitive business information.
What Does Cyber Insurance Cover?
As you search for cyber insurance for your organization, you will discover that you have two options; First-party and Third-party cyber coverage. Inside each, there is specific coverage depending on who it affects.
First-party cyber coverage will protect your customer, patient, and employee information and your data. This coverage is for your organization’s out-of-pocket expenses. For instance, due to the breach, you may need to hire an attorney, forensic services, or regulatory obligations.
Third-party cyber coverage is for liability protection against any third-party claims brought against your company due to the cyberattack. This protection covers multiple coverage areas, such as litigation costs, damages, or settlements.
Should Akron & Canton Businesses Buy Cyber Insurance?
Has your Akron or Canton business ever experienced a data breach? If yes, you completely understand how a cyberattack impacts your organization. You felt the total weight those damages did to your company’s reputation and the out-of-pocket expenses you had to pay.
However, suppose your local business has yet to experience what a cybercriminal can do. In that case, we highly recommend buying cyber insurance before you become a cyber victim. As much as we all want to believe it will never happen to me, suddenly, without warning, you’ve been breached.
That’s how quickly it happens. But having cyber insurance takes a big bite out of what will follow next. Besides the costs you’re forced to pay, the lawsuits and accounting for regulatory compliance issues come next.
Is A Data Breach Heading For Your Business?
It doesn’t matter if your business is in Akron, Canton, or Tokyo; data has become the gold standard worldwide. Everyone wants it and will go to great lengths to get it. From financial records to customer account information, your organization must have data to operate daily.
However, this sensitive information remains vulnerable to attack by cybercriminals. All it takes is just one breach when you least expect it. After that, the company files and data are gone, potentially ruining your business’s reputation. But it doesn’t have to end this way.
Rea & Associates always looks for ways to make your technology work seamlessly while protecting your company. We want to help you create a strong foundation for your business growth. Contact us or call (330) 236-1011 to learn more!