In a worst-case scenario, a massive cybercrime can be costly enough to bankrupt a business. Far more often, companies that are victimized survive but face enormous and costly consequences – including lost dollars, staff time expended to resolve the matter and a tarnished reputation with customers and the public.
Companies are discovering even when they take all the recommended precautions and incorporate sophisticated safeguards into their systems, there are no guarantees to avoid being hacked. Indeed, despite broad publicity about some very large breaches, cybercrime, for small and mid-sized companies, has been on a steady upswing.
Responding to this trend, many companies are finding cyber liability insurance can be an effective risk management tool. Today, a growing number of property and casualty carriers offer cyber risk policies at affordable rates. But given the relative newness of the coverage and the variability of policy features, it’s essential to carefully analyze one’s needs and scrutinize available coverage options before paying the first premium.
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Insurance products and services offered through McGriff Insurance Services, Inc., a subsidiary of Truist Insurance Holdings, Inc., are not a deposit, not FDIC insured, not guaranteed by a bank, not insured by any federal government agency and may go down in value.
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