Securing That Much Needed Cyber Crime Insurance Policy
September 28, 2015
Practically everyone in business these days needs some type of cyber crime insurance policy. This is due mostly to the fact that cyber thieves have discovered that it really is quite easy to hack into most company’s computer systems. New technology is constantly being created and used to attack businesses, but most companies aren’t equipped to deal with the issues surrounding this type of criminal behavior. Most are also unaware of the new and growing exposures related to cyber crime that they themselves might face.
Businesses large and small may be targeted for all types of information; personal, medical, banking and credit card information, and the list goes on. Ranking high on the list is theft of your assets. Considering the increase in Internet use for online banking and financial transactions, all of which can be done with the click of a button, your company needs adequate protection. Commercial crime insurance is an integral part of any risk management program and can help recover any losses of cash and other assets in the event of a theft.
Getting the right type of coverage
What is most important is to have the right coverage to protect against cyber criminals, which now make up for a large source of losses for many companies due to the fact that many businesses make use of computers in the majority of their work. Having a crime insurance policy addresses the most common fidelity threats, including losses due to employee dishonesty, credit card forgery, computer fraud and theft and disappearance and destruction of property.
By speaking to an agent with knowledge about cyber hacks, and other forms of cyber crime, you can obtain a wide range of coverages to help protect your business against financial loss due to certain crimes. Aside from purchasing this coverage, your company needs to invest in solid internal controls, which can help to reduce your organization’s exposures. This means partnering with specialists that can help you protect against loss and damage to your organization.
Most businesses would not be able to withstand an attack that jeopardizes the assets in their bank account, and the truth of the matter is that business bank accounts have less protection and significantly higher liability for fraud than personal accounts. The cyber crime insurance policy option provides additional protection against growing exposures related to many different forms of cyber crime.