Do you need a comprehensive cyber liability insurance for your business?

For many of today’s businesses, getting an add-on cyber liability coverage may just be already mandatory, simply because standard liability insurance packages often do not guarantee comprehensive protection from any form of cyber attack. In other words, for businesses to run optimally, their operations require clearly established safeguards against any form of cyber breach.

It’s best to carefully research on the available options out there and solicit the aid of an expert insurance consultant first. You’d want the most well-rounded protection as you’ll never know when a cyber attack will hit your business. It doesn’t even matter if your company is still a startup; recent statistics show that 43 percent of cyber crimes have targeted small businesses. Moreover, most of these companies tend to go out of business just within six months of the attack.

An in-depth and comprehensive cyber liability security strategy is crucial in today’s digital world, in which most business transactions are being conducted online. One can argue that it’s the soundest top-up companies can get. You just have to be sure that, when choosing, you’d look closely at the fine print and study the levels of coverage being provided.

Yes, the more extensive the cyber liability insurance coverage, the higher the package cost. So be aware of your company’s specific needs. Are you fine with an insurance that just covers possible lost business revenue and other soft expenses? Or do you need a full-fledged package that includes any incurred third-party costs? All in all, your first move might just be to seek the advice of a cyber security expert to completely remove any doubt and, well, earn that all-important business peace of mind.

Michael Giuffrida is a managing partner at Hartford, Connecticut-based Titan Strategic Partners. The company’s expertise is in building and improving organizations from startups to established businesses. For related posts, visit this blog.