Businesses, both large and small, conduct the majority of their activities on the internet—from social media marketing to online banking transactions. However, it also opens you and your customers up to cyber crimes. Cyber insurance can be utilized to ease the potential risks.

Business owners generally purchase basic insurance coverage for protection against losses resulting from voluntary or involuntary negligence. Unfortunately, it does not cover breaches in data. Cyber insurance does, and for this and other reasons listed below, consider contacting our agency today.

Making the Case for Cyber Insurance

1. Customer Data Is Stored Online

Cyber crimes target businesses of all sizes across every industry. Whether you store your data on an internal server or in the cloud, digital files of any kind can be in breach of your terms of service. Personal information and vital records are a jackpot for thieves. This information can be used to steal a victim's identity. The consequences for damage incurred due to cyber crimes can vary from fines to credibility loss to closure.

2. Cyber Insurance Can Manage Threats

Big corporations often have an entire department dedicated to cyber risk management. Most small business owners do not have access to the capital and resources to actively combat threats. However, a cyber insurance plan can fill this void, by instructing you on certain methods for safeguarding your system so that you are less likely to file a claim.

3. A Data Breach Can Cost Your Business

Without cyber liability insurance, business owners are left paying the bill for damages that occur out of a breach. Even a relatively small incident can cost a business thousands to recover from. Related fees usually include investigation fees, legal expenses, and losses to the company. It can also hurt you from a public relations standpoint.

To safeguard your digital assets, turn to Western States Insurance Group to find a cyber insurance policy to meet your needs. This independent agency helps residents of Lovington, NM, and the surrounding areas to obtain the best policies at affordable prices. To learn about their other services, visit them online. Or call (575) 396-1318 to schedule an appointment or request a quote.