In the internet and computer age, data breach is a real threat. All companies by now have heard of cyber risk insurance. This type of coverage offers cyber threat protection and insurance solutions to businesses of all sizes. If you’re considering whether you need cyber insurance, here is who needs to worry.
Businesses of All Sizes
Large companies are not the only ones who have to think about cyber threats. In fact, a lot of cyber criminals will target smaller companies. The problem is that it’s the smaller companies that have more to lose. They need coverage that protects data, their reputation and assists them in risk management. While larger companies receive more publicity during a data breach, it’s the smaller businesses that suffer a more devastating impact.
Businesses in All Industries
While there are some industries that need cyber insurance more than others, it’s still something that all industries should consider. Some of the most at risk industries include:
The reason that these types of businesses have higher risk is due to the personal information that the companies have about their clients or patients.
When it comes to data breach, no business needs to worry about it if they have cyber risk insurance with a variety of policies. Every business utilizes technology and hence every company is at risk.