The Rising Importance of Cyber Insurance
As the threat of cybercrime looms larger than ever, safeguarding your business becomes paramount. A recent report quoted by our friend Heather Keefer Saulsbury via PEO Solutions Unleashed forecasts a staggering global cost of $9.5 trillion USD for cybercrime in 2024, with the United States topping the list at a data breach cost of $5.09 million as of 2023.
The Risks of Cyber Attack
The aftermath of a cyberattack can unleash a cascade of challenges, from crippling financial losses to breaches of vital business and customer information, not to mention business downtime and reputational harm. In response to this growing threat landscape, the spotlight is on cyber insurance—an increasingly prevalent solution to mitigate the impact of cyberattacks. This type of coverage proves invaluable for organizations navigating the aftermath of a digital onslaught.
PEO Solutions Unleashed advises pursuing insurance policies that protect “against:
Data breaches
Terrorist attacks
Vendor data breaches
Network breaches
Losses of employee and customer data
Costs of replacing software or equipment
Cyber insurance can provide much-needed relief if a malicious plan gets through, whether through phishing attempts, malware, or other tactics. It will help you cover the costs associated with the damage.”
In a world where the digital landscape is both a blessing and a battleground, investing in cyber insurance emerges as a proactive and indispensable step. It acts as a crucial defense mechanism, fortifying your business against the relentless challenges posed by cybercriminals, and allowing business owners to sleep a little bit easier.
Source Article in Full: https://www.linkedin.com/pulse/importance-cyber-insurance-your-business-heather-keefer-saulsbury-qsbtc/?trackingId=OHWY9tNPSE6U92JCjWNaxA%3D%3D
Source Article Author: Heather Keefer Saulsbury
Article Author: Paul Hughes
Contact Libertate Insurance Services, LLC to explore cyber options for keeping your company safe
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All writers specialize in Professional Employer Organization (PEO) business services such as Workers Compensation, Mergers & Acquisitions, Data Management, Employment Practices Liability (EPLI), Cyber Liability Insurance, Health Insurance, Occupational Accident Insurance, Business Insurance, Client Company, Casualty Insurance, Disability Insurance and more.
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