Cyber Liability Insurance For Nashville Businesses
Key Points:
- Is it true a global company got breached again, for the third time?
- Can your company afford the recovery costs from a data breach?
- Is it the first or third-party coverage you’ll need if your system gets hacked?
- Could you afford unimaginable costs and negative publicity from a cyberattack?
- Check out this solution if your business is facing an uphill cybersecurity battle.
It is the third time a well-known global company got breached in less than four years. If it can happen to them, it also means all Nashville businesses are just as vulnerable. Data breaches have become too common that experts and the FBI must continue issuing warnings.
Due to the high risk involved, cyber liability insurance for any Nashville business should be a top priority. Understandably the topic of cybersecurity insurance is highly complex. For a brief overview, our video gives you a starting point and possible steps you can take.
What Is Cyber Liability Insurance?
Cyber liability insurance is offered to help protect an organization from numerous technology-related cyber risks. Some potential threats to a business include data breaches and destruction, hacking, stolen files, and customer information.
Your Nashville company faces these risks daily because it uses technology when operating a business. Due to that level of risk and the size of your company, you may need cyber liability insurance or data breach coverage. Your insurer will advise which is best for you.
Not having the coverage could devastate and shut down your business permanently. As a business owner or financial decision maker for your organization, your Nashville company cannot afford the high cost of recovering from cybercrimes being uninsured.
What Coverage Does Cyber Liability Insurance Offer?
Your insurer will show you First-party and Third-party coverage options for cyber liability insurance. Depending on which insurance provider you choose, their coverage may vary from other providers. That’s why we always recommend getting multiple quotes.
The time to use your first-party coverage is when your organization suffers a loss due to a cyber-attack. Some costs incurred might be a data breach investigation. If your company is the policyholder, you can file a claim against the insurance policy.
As for third-party coverage, it’s commonly used for litigation purposes. For example, your client or patient was affected by your company’s data breach, and they filed a lawsuit against your company. This coverage helps with court costs, damages, and attorney fees.
Do Nashville Businesses Need Cyber Liability Insurance?
If your organization has never experienced a cyberattack, the first data breach you have will disrupt your entire operation. The impact is felt far beyond your company walls. Without having cyber liability insurance coverage, you will incur unimaginable costs and negative publicity.
However, you can quickly begin the recovery process by having an activated policy on file. Costs you initially paid get reimbursed when you file a claim against your policy. Any claims against your company by third parties are also covered under your cyber insurance.
As your organization’s business owner or decision maker, you must carefully weigh your options. With an active cyber liability insurance policy in place, you can recover and rebuild quicker. Without the coverage, you assume the risks, costs, and reputation repair.
Nashville Businesses Are Facing An Uphill Battle
Across the globe, businesses and organizations continue to move their operations online. With this decision, concerns about the best cybersecurity solutions are wanted. However, hackers know many companies will ignore this protection, and that’s when they try to take control.
That’s why it’s crucial to have reliable cybersecurity solutions in place. Kraft Technology Group is a Nashville-based company that works with local businesses to ensure their cybersecurity needs are met.
Kraft Technology Group is the perfect partner for your business if you’re looking for comprehensive cybersecurity solutions. We offer various services, including malware removal, firewalls, and password management. We also provide cyber liability insurance, which can protect your business in case of a data breach or other cyberattack.
