In a modern world that is increasingly online, it can be hard to think of any parts of business data that are not contained digitally or electronically. While each day brings advances in digital security measures, hackers and thieves also grow smarter and stealthier. This can leave companies open to the risk of data breaches, which can result in customer and client information being sold to nefarious individuals. In the wake of several high-profile international data breaches that have affected millions of unsuspecting people, consider setting up a meeting with an experienced insurance company and investing in the protection of data breach insurance.
The first-party provisions to coverage for data breaches can include provisions for many different factors. These may be:
• Lost revenue
• Investigation expenses
• Costs for damage to software or hardware
Additionally, you or your company may face hefty fines depending on the seriousness of the data breach. Insurance coverage is also available to help pay for these fines.
In the case of a data breach, the company or individuals responsible for security are often sued for damages. A solid data breach insurance policy can include protection in the case of lawsuits; a high-quality insurance company can assist with particular coverage options depending on the work you or your company does and the risks associated with that work and the data you manage.