Risk mitigation for Connecticut business owners through specialized insurance coverage.
From the desk of Daniel McNamara: President – V. F. McNeil Insurance
Why are Cyber Crimes/ Data Breaches so frequently in the headlines? Simply because they are one of the fastest growing threats to businesses and their clients.
As cyber crimes/data breaches increase in frequency, sophistication and variety it’s more important than ever for business owners to be educated about cyber crimes/data breaches and to be aware of how to protect themselves.
If your business handles or stores any form of personally identifiable information for your clients or employees, you are at risk. Cyber crimes/data breaches are not limited to larger companies. In fact, smaller to mid-sized companies are being targeted more frequently because they are often more vulnerable and easier to penetrate.
It’s no longer a matter of if it will happen but when. The financial impacts can be significant and the fall out can be far-reaching. Therefore, when technology fails, companies often turn to their insurance products for compensation. Unfortunately, traditional liability products are not designed to respond to purely financial claims. In addition, policies that do include enhancements for cyber-related damages are often very limited.
How can Connecticut business owners safeguard themselves?
Even if your business has security measures in place to help prevent a data breach, risk mitigation through specialized insurance coverage is more than a smart investment; it should be a critical portion of any business recovery plan. Business owners should consult with an insurance professional about the following things:
- The different options available for protection against cyber crimes/data breaches.
- How cyber liability insurance can help.
- Cyber liability insurance policy vs. policy enhancements.
- What safeguards to take to prevent a breach.
- What to do if a breach occurs.
If you haven’t discussed this important coverage with an insurance professional, you could be putting your business at risk.
To contact our Connecticut insurance agency and learn more, please call V.F. McNeil Insurance today at (203) 481-2684. We are always happy to help and look forward to speaking with you.