cyber liability insurance
Finally, an insurance product that takes care of cyber crime – the number one threat to businesses.
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Defeat Cyber Crime with Cyber Liability Insurance
Cyberattacks pose a significant risk to organizations of all sizes in today’s digitally linked world. The increase of cybercrime has exposed even the most well-known businesses to huge losses. Cyber liability insurance emerges as a critical precaution, providing organizations with safety and financial security in the face of data breaches, ransomware attacks, and other cyber risks. Discover how our comprehensive cyber liability insurance products can protect your company from the ever-changing digital hazards.
Cyberattacks by the Numbers
The statistics are sobering. The menace of cybercrime is estimated to cost businesses a staggering $445 billion worldwide. Attackers can breach the overwhelming majority of business sites. More so, cyberattacks are growing fast. In 2021 cyberattacks shot up 50 percent over the previous year. Also, 83% of medium and small businesses are not financially ready to cover the steep costs of data breaches. Cyber liability insurance provides the financial backing you need to withstand the fallout of cybercrime.
Cyber Threats – What You Can Do About It
The writing is there on the wall. It is no longer a question of if but when disaster strikes. Besides bolstering IT security, you must have cyber liability insurance to mitigate the financial impact of a data breach. Did you know that the average cost of an online data breach is around $200,000? No wonder so many companies go out of business when exposed to cybercrime. Cyber liability insurance provides support in several ways to prevent financial disasters when the worst happens. Instead of going under, your company has a better chance of recovering quickly and returning to business.
Mitigating Cyber Risks with GGA Insurance Group
GGA Insurance Group is your dependable partner in navigating the complicated world of cyber hazards. You can proactively minimize cyber dangers and safeguard your organization from possible data breaches, ransomware attacks, and financial losses with our professional counsel. Our experienced staff knows the ever-changing nature of cyber hazards and can customize complete insurance solutions to your individual requirements. We provide you with the skills and expertise to protect your digital assets by measuring your risk exposure, advocating best practices, and providing top-tier cyber liability coverage. With GGA Insurance Group on your side, you can confront the digital environment with confidence, knowing that your company is prepared to meet today’s cyber concerns.
The Data-Driven Decision You Need to Make Right Now
Data is the key to making good business decisions. Here is the data you need to know. According to online security firm Positive Technologies, cyber crooks can break into 93% of corporate networks. It shows that the odds are stacked against you. If your company is in the crosshairs of cyber crooks, it is just a matter of time before they get past your security.
It has been estimated that cybercrime will reach $8 trillion in the coming year. It will be the third biggest ‘economy’ after the US and China. Such staggering losses should be business leaders top priority in risk management. In light of the above, getting cyber liability insurance is the need of the hour and hence, a sound business decision.
Key Features Of Professional Liability Insurance
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Contact our GGA team today for your no-obligation analysis & consultation.
Manage Risk the Right Way
Protect your assets and ensure business continuity with our comprehensive risk management solutions. Manage risk the right way with GGA Insurance Group.
You can depend on us for risk management done right. Besides providing expert advice, we extend the most viable policies that can help protect your business interests. As a business owner, you have several responsibilities. Safeguarding customer data is one of them. If this data gets into the wrong hands, you can be sued and forced to pay massive compensation. Sadly, a data breach now seems inevitable, given the dire statistics. Almost all household brands have succumbed to this menace. You should thus brace yourself for an impending cyberattack. Cyber liability insurance will give you the financial strength you need to cover the losses wrought by such events. Contact our GGA Insurance Group team to receive your consultation.
Frequently asked questions
No, routine business insurance often does not cover cyberattacks. You will need a cyber insurance policy to cover such incidents.
No, a business interruption policy will likely not cover cyberattacks. A cyber liability insurance policy is your answer to this fast-growing business threat.
Cyber liability insurance provides benefits up to the specified limit to cover the loss of profits from an online attack.
Unfortunately, yes. It is now a key threat to all business owners. Commercial contracts may require you to protect customer data. So you can be sued and forced to pay a huge sum as compensation for a data breach.
Not just that, regulatory authorities can impose hefty fines and penalties for data breaches.
That is why you need cyber liability insurance to protect against such losses.
One of the key purposes of cyber liability insurance is to protect your IT assets. Ensure your cyber liability insurance plan covers all IT devices. These include smartphones, laptops, servers, and so on. Cyber liability insurance provides benefits should your IT assets undergo damage due to online attacks.
Sadly, you may be liable for a customer data breach, even in the cloud. That’s because, in most jurisdictions, business owners are responsible for customer data security even if they use cloud services for storing their customer data. Cyber liability insurance covers such problems.