You are probably as likely to lose your business by your computer systems being victim of a data breach or other type of cyber attack as you are of losing your business because of a fire. Even so, virtually every business has insurance to protect them from a loss from fire, but very few have coverage that would protect them from loss due to a cyber attack on their business. It is critical that every business evaluate their exposure to this type of loss and insure against this type of loss if the exposure is present.
This is not just a big business exposure. Even a small business could have customer credit card info and other personal info such as social security numbers, medical history, if you are in a medical field, etc. Even a small business can have a laptop stolen from their office or vehicle that contains all of the company’s data and information.
Could you afford to contact all your customers to advise them that their data had been compromised, possibly having to monitor every customer’s credit for a year or take other measures that could be costly beyond your imagination? Would your present policies cover this? Will you be asking about this coverage?
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