Whether you’re a sole proprietor or corporation in Austin, TX, you need commercial insurance. Also known as business insurance, a policy protects your organization’s property and personnel. Plus, specific versions of this insurance cover damages due to cyberattacks.
What are Cyberattacks?
Cyberattacks are unwelcome maneuvers targeting data servers, networks, or personal digital devices. Today, cybercriminals go beyond stealing or damaging data. For example, ransomware attacks take hostage computer data and infrastructures until payment is made. These activities cost companies and governments billions of dollars annually.
What Insurance Covers Cyberattacks on Businesses?
According to the TAB Insurance Agency LLC experts, companies should purchase cyber insurance that offers broad protections to help businesses recover from various technology-related risks. A standard policy covers financial losses due to cyberattacks. Furthermore, it helps pay for privacy investigations or lawsuits following an attack, as well as legal fees and settlements if a customer or employee sues your company.
Data Breach Insurance
Some companies bundle data breach insurance within a cyberattack policy while others keep it separate. In their case, it should be included in your portfolio since it responds to a breach of personally identifiable information (PII) or personal health information (PHI) being damaged or stolen. It’s useful if the issue is related to a cyberattack or if the information is accidentally removed and cannot be retrieved.
Small businesses receive added benefits with a data breach policy. It helps cover the costs of notification, hiring a PR firm, and offers credit monitoring to affected parties.
There’s more to understand about cyberattack insurance for an Austin, TX business. If you want to consider one, speak to a TAB Insurance Agency LLC representative.