Why is Cyber Liability Important?

picture of website coding on computer screen

Think of the things you use your computer for: a calendar, shopping, emailing, socializing, personal storage, and potentially work. You have a lot of personal information saved to your computer or your accounts. Why? You trust the companies.

For all the business owners out there, that customer trust is why cyber liability insurance is so important. Companies have become almost entirely dependent on technology and operating digitally. They are also fully responsible for all the data and sensation information they store. Losing that data could result in losing your business.

We are all susceptible to a data breach. A data breach is when exposed data is stolen and used to commit fraudulent and illegal activities. This crime occurs more and more each year. The numbers have hit the millions. What is even more alarming is that 1 in 3 data breaches happens to a small business. The chances of continued business after a breach are less than half.

By not taking these dangerous risks seriously, you are making yourself more of a target to hackers.

Cyber liability insurance can significantly assist you in data breach recovery. An advantage of cyber liability insurance is that it can adapt to your company’s unique needs and evolve with you over time. Every business’s level of risk is different, but if you are a small business, your level of risk could be higher.

Investing in cyber coverage will help save you money, potentially your customer’s money, and your reputation. Don’t find out the dangers the hard way. The time to start planning is now.

Learn more about the cyber liability insurance opportunities available to your company today.

Avery Hall experts are here to help you find the best plan for your needs. Find your local office here.

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