Cyber LiabilityMore and more, businesses are finding it necessary to adopt new technologies to keep up with the evolving, highly competitive market. Websites, online shopping and social media have already become more popular than phone calls and in-person visits. But, whether your company uses minimal technology or completely relies on it for everyday operations, these new technologies present new risk factors.

What are these risks? Here are a few examples:

  • Hackers steal sensitive customer data (Think about the Target scandal a couple of months ago)
  • A severe storm causes a power surge that results in a loss of data
  • An employee accidentally leaves a work laptop at an airport and data is stolen
  • A fraudulent employee leaks data to external sources
  • Thieves steal computer equipment and the stolen data is not backed up

It may sound like this is the kind of stuff you see on the news and that it could never happen to your business—but it very well could! Approximately half of all businesses report up to five cyber risks that cause worry, while over a third of all businesses experience a data breach each year. You can minimize your risk by installing firewalls, consulting with an online security expert and backing up all data. However, some amount of risk will always be present.

Another great way to protect your business is to purchase cyber liability insurance, which offers financial compensation if you experience a data breach. Why would you need money to deal with a data breach? There are a variety of things you must do to “clean up” after such an incident. Some of those may include:

  • Replacing electronic equipment
  • Retrieving lost or stolen data
  • Creating safer online practices and installing new firewalls
  • Reimbursing customers for fraudulent charges
  • Providing identity theft protection services to customers at risk
  • Reputation damage control with PR services

Talk to an agent today to determine your unique cyber risks and find the coverage that’s right for your business. We’ll protect you from the unforeseen. Call Pickard Insurance Agency at (817) 461-4781 for more information on Arlington business insurance.

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