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As your business grows, you may find it necessary to outsource your computing needs to one of the IT companies in Houston. They can help monitor your systems and implement a cyber-security plan to reduce the likelihood of possible data breaches. Despite your best efforts to protect your systems, it’s worth looking into having a cyber liability insurance policy for your business.
What is the Need?
Data breaches have the potential to damage your reputation as a business. Sensitive information either about you or your customers can be misused. This can drive away potential customers if not handled properly, and there is always a risk of legal charges. You may also face a decline in business, so it’s worth having a plan in place to tackle such eventualities.
Even if your business has measures in place to prevent cyber-attacks, hackers may still gain access to sensitive information. Such information includes identity numbers, email and social media usernames and passwords, and bank account and credit card information. Improper handling of business systems and sensitive information by those with access to your company can also lead to compromising the same kind of information.
What is Cyber Liability Insurance?
This coverage has been around for over a decade and covers first and third-party risks connected to internet usage. This means your business, as the insured, is covered together with third parties who might be affected by a breach. The coverage can include expenses associated with managing the privacy crisis, media liability cover, intellectual property rights infringement, extortion liability cover, and network security liability. The insurance also covers fraud and theft. If you’re working with IT companies in Houston, they can help you with assessing which areas in your business are most vulnerable to breaches.
As an example, consider a large company that suffers from a data breach affecting many of its customers. There may be a need for a forensic investigation to determine the cause of the breach. Thereafter, affected parties need to be notified according to the law. There may also be legal expenses. All these costs may be covered.
With the growing use of the internet, the associated risks have also increased. If you run an e-commerce store or just have a website, consider getting cyber liability insurance coverage. This applies to any companies handling sensitive customer information. It’s always better to be prepared than to be caught off guard. Laws and regulations regarding e-commerce and data breaches are evolving so it’s very important that you stay informed of changes relating to your state and your line of business.
IT companies in Houston help businesses manage the operation and security of their IT systems. If you want to protect your business from possible data breaches, get in touch with us at ICS. We provide managed IT services which include proactive monitoring, security assessments, and consultations. These can help you in selecting a cyber liability coverage policy that best suits your business needs. Contact us to learn more about our services.