Cyberinsurance covers threats like data breaches, cyberextortion and damage to your reputation. Before you can know your needs, you need to know your data.
The Equifax breach in September undermined the confidence of companies around the world — but nowhere did it generate more concern than in small businesses.
“Cybersecurity is a real concern,” said Christopher Adams, chief executive officer of Glauser Life Sciences, which produces an anxiety relief supplement. “A breach has the potential to destroy value overnight. Our R&D and intellectual property is at risk if not protected, not to mention our client data. If your customers can’t trust you with their information, they are not going to trust your product. Our vendor data and supply chain could also be compromised. In a growth business, if you can’t deliver on time, you are in trouble.”
But what if you aren’t sure about the cyberprotections your company needs, or what your insurance company can offer?