Thousands of articles have been written about cyber liability or data breach liability, and this is because these criminal acts pose a constant threat to businesses large and small. It continues to affect many different businesses, government agencies, and individuals and is certainly not merely limited to companies that provide information technology (IT) support service to other entities. Last year’s presidential election is still under investigation for alleged tampering via the Internet and other acts of cyberterrorism.
Data breaches have become quite common, and for that reason, more companies are purchasing cyber liability policies. Because your company may face similar risks, you should purchase Business Insurance in Sparta New Jersey that addresses cyber liability concerns. Most business owners must realize by now that there exist gaps in most basic insurance policies where cyber issues are concerned.
Cyber breaches can cause a major negative impact
While hackers working anywhere in the US or even outside our borders can be the cause of computer hacking, it’s important to realize that not all hacks are external. The threat can come from a disgruntled employee or someone who fails to follow security protocols. A few common causes of cyber liability and data breach losses include employees throwing away sensitive information, using or selling sensitive information, or it can be due to lost or stolen computers and other devices.
There are instances where a company store old computers no longer being used and haven’t taken into consideration that someone can gain access to the files stored on them. But failure to adequately wipe data from devices, or not getting proof that recycled devices were, in fact, erased, can lead to sensitive information falling into the wrong hands.
For businesses operating in New Jersey, cyber attacks or data losses are a real possibility that they must contend with because a vandal can steal business assets, or inflict severe damage on your clients or others because these thieves were able to gain access to private information you’ve collected. These are major exposures and as long as cyber thieves can find ways to access this valuable information, your business remains at risk.
The cost of repairing the damage following a breach can add up quickly, and the reputational damage can be equally devastating. Make cyber insurance a part of your packaged Business Insurance in Sparta New Jersey for added protection.