In today’s technological workplace, doing business with digital information is inevitable in almost every sector. However, using this information and keeping it safe while doing so is one of the major risks that modern companies face. Data loss insurance is a valuable solution for managing this risk.
Two Types of Cyber Liability Protection
When it comes to cyber liability, there are two distinct areas to take into consideration: first party and third party. First-party data loss insurance covers a number of expenses that come into play in the event of a system breach. These expenses include things like the cost of notifying clients, expenses related to an interruption in doing business, costs of crisis management and public relations to support the company’s image and reputation, as well as other costs like managing customer credit monitoring. Third party insurance covers the costs for legal expenses that are incurred as a result of lawsuits filed following the data breach.
Don’t Let Data Go Unguarded
Data loss insurance is there to ensure that in the event of a cyber attack or data loss, your company is covered from the inevitable expenses related to handling the breach. If your business depends on digital data, it makes sense to take out a suitable policy to protect your company and your clients.