Entries Tagged 'Cyber Liability' ↓

Millions of Americans scrupulously guard their identities and personally identifiable information for fear that their bank accounts will be compromised, identities stolen and a parade of difficulties will follow them at the hands of those who wish to steal their identities. However, they will often not exercise the same care with their business “identities.” Even for small businesses that try their best with free tools, professional identity thieves can evade this type of protection and gain access to lines of credit or accounts. Here are some of the ways businesses can protect their identities.

Monitoring service. Businesses can enroll in monitoring services that continuously monitor any activity on their companies’ credit reports, looking for any red flags.

EIN. For many small business owners, using their Social Security numbers and establishing sole proprietorships are the easiest things to do practically. However, this could lead to exposure for both your personal and business finances if either is compromised. Small business owners should obtain Employer Identification Numbers (EINs) to separate both and reduce risk.

Data protection. Keeping your passwords in a safe, protected place is a crucial part of protecting your data. Use anti-virus and anti-malware software in addition to a secure password manager.

Insurance. A cyber insurance policy can make all the difference in recovering from significant loss related to identity theft in the unfortunate event it does happen. Call or email us today, and we can review your insurance coverage to make sure your business is protected. We are always here to help.

When considering types of insurance to buy, many people gloss over an important type of insurance for their businesses: cyber liability. While some may think a slip and fall or other workplace accident is the most likely reason they need insurance coverage, cybercrimes and data breaches are becoming increasingly common workplace “accidents” that require insurance as well. Below are two types of cyber liability insurance that every business should consider obtaining before they’re the victim of a cyberattack.

First-party coverage. When hackers strike your secure server and wipe out business records and other crucial online documents, there is a real cost to that. Coupled with the cost of informing your customers, purchasing equipment, upgrading software, and engaging information technology professionals, there is the likelihood of a substantial financial loss. First-party coverage pays for damages directly suffered by your business.

Third-party coverage. A cyber breach can impact your clients and partners in ways not foretold. Unfortunately, this sometimes leads to litigation or other claims for damages from others, which can take a larger toll than the breach itself. Third-party coverage helps ensure that you have a policy in place to cover others’ losses as a result of a data breach impacting your business.

Let us help you review your cyber liability policy in order to make sure you have the coverage you need to safeguard the business you’ve worked so hard to build.