Top reasons cyber insurance helps your business in the event of ransomware attacks

Criminals are everywhere. You may think that having a security system and keeping your business under lock and key keeps your assets safe. Sure, monitored premises can prevent a huge loss in the event of a break-in or theft during business hours but have you ever thought about getting cyber insurance in Alberta?

Cyber liability insurance can help cover losses in the event of a ransomware attack at your business. Here are some of the top reasons cyber insurance is a must if you rely on your computer for storing files and confidential information or use the internet daily.

Protects you against financial liability

Your business has insurance that covers many perils and one of them should be cyber liability insurance. When your computer files have been compromised, recovering from the loss and damages can be a costly matter that can lead to the end of a business. Having cyber liability insurance covers your legal fees and the expenses related to the breach. Be sure to check with your broker about cyber insurance in Alberta to see what the limits of the coverage are for your business.

Protects you against legal liability

When a breach happens and an online criminal gets access to sensitive client information, the client can turn around and sue your business. Cyber insurance can help cover the cost of legal fees should this happen. Additionally, many insurance brokers have a network of trusted attorneys that specialize in cyber-related crimes. They can help advise you on the next steps to protect your business.

Reimburses the costs of notifying your customers of the breach

Did you know that notifying your clients of a ransomware attack can cost companies thousands and even millions of dollars? This includes keeping in contact with clients to handle their questions, concerns, and frustrations when their personal information is compromised. Ask your insurance broker if your cyber insurance will help cover the costs of notifications and post-breach responses.

Preventing a cyber attack

As technology increases, unfortunately so do the efforts of cyber criminals. If you operate a business that uses computers or any online storage of information, it’s imperative that you take the necessary steps to protect your devices.

Here are some ways you can prevent a ransomware attack:

• Have a good antivirus software system installed
• Keep your systems updated regularly
• Multi-factor identification for all files
• Avoid remote access to your computer database
• Restrict privileges for all employees who don’t need access to everything

Speak with your cyber liability insurance brokers about how you can protect your business’ data. A costly mistake could have you losing a substantial amount of private information and your hard-earned money.