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Why Having a Cyber Insurance Broker is Becoming Necessity?

Over the years, business owners have been worried about safeguarding their digital data. Many surveys have shown that a cyberattack victimizes almost 60% of small businesses. They get closed permanently within six months of a security breach event. No matter what size of business you own, you are always at potential risk of a data breach. In today’s world, data is everything. The results of a cyber attack can be catastrophic.


A cyber insurance broker will help you in managing the risks that you face while growing your business. They work towards bringing the right cyber policies to you and your clients. But it is essential to know that not every standard insurer will offer insurance equipped to handle all risks. So it is crucial to look out for those insurance brokers that have the knowledge and expertise to handle all the potential risks your business might face.



Importance of Cyber Insurance

Among other crimes, cyberattacks are the most prevailing one of the 21st century. Not a week passes by when you do not read or hear a news headline stating ‘Data Breach.’ Undoubtedly, the frequency and severity of cyberattacks are at an all-time high, increasing the need for cyber insurance.


Cyber insurance is crucial for your company in recovering after a data breach. It can help recover your company from various costs, including revenue loss, business disruption, legal fees, forensic analysis, and costs. The primary benefit of cyber insurance is that it protects your company long before a breach happens.

When Cyber Insurance Provides Coverage?

There are certain scenarios where your cyber insurance will provide you with coverage. Some of them are listed below:


If Data is Lost

Companies place their data online, which makes them responsible for it. Whether stored on your property or in a third-party technology company cloud, only you would be held accountable if it gets exposed. It is essential to keep your data secure by understanding where all of your confidential information is stored. Read the policies and procedures of the online platform before trusting them with your data.

If Device is Lost

A mobile workforce has enabled us to leave our laptops and mobile devices in the offices. If they get stolen or compromised, and you find that your data is exposed, a cyber insurance company will have you covered. To prevent your data breach, your organization must take certain steps to protect and limit the amount of data on each device.


Also, avoid storing any critical information on your laptops or mobile devices. If necessary, store encrypted data and access it via a secure connection to the server. In case of a data breach, cyber insurance will protect against failure to prevent unauthorized access to or use of data containing private or confidential information.

Verdict

There is a dire need for cyber insurance brokers for your business. The reason behind this is that they are professionals who have a specialization in insurance and risk management. With whatever risks the insurers face, the insurance brokers would help their clients access the risks and act on their behalf accordingly.


Alliance Insurance is the trusted cyber insurance broker in Edmonton who has extensive experience and expertise in understanding the insurance industry’s challenges. They also understand risk management to serve their clients with the best of their needs. The coverage by insurance brokers includes ransomware, identity theft, cyber-attack, and of course, data breach, among others.


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