The recent advancements in technology have greatly enhanced the way you live, such as buying food, paying for your bills and rent which can be done with just a single click. Easy and hassle-free, right? However, it also takes a single click for you to lose billions of dollars in just a matter of seconds.
In this digital age wherein, everything is easily accessible online, millions of people heavily rely on the internet as a means to connect with other people and acquire information. The prevalent use of the internet poses many potential threats since anyone can have access to your data and sensitive information. This does not only affect you as an individual but also encompasses small to large businesses across the world.
From small to large businesses, the massive amount of data they have stored on the cloud will make them prone to incidents such as fraud, security breaches, cyberattacks, and cybercrimes.
According to the FBI, the cybercrime happenings from the year 2019 to 2020 rapidly rose to 70% in the US. During these difficult times, you cannot afford to lose millions of dollars just because of these unknown cyberattacks. With a rising number of data breaches every year, these cyber threats will undoubtedly increase and evolve at a rapid pace.
In 2020, it was recorded that $1 trillion dollars was the total global cost for these cybercrimes and it was forecasted that it will surge up to $6 trillion dollars in 2021. In addition, it was also predicted that these cybercrime costs will skyrocket to $10.5 trillion dollars by 2025.
On the other hand, Cybersecurity is a common practice that will protect computers, mobile phones, servers, networks, systems, and data from any kinds of cyberattacks or cyber threats. Through the rigorous implementation of Cybersecurity, your company can avoid catastrophic incidents like data breaches, network damage, and business interruption.
Unfortunately, all of these cybercrime incidents have happened and the damage has been done. So, how can you respond to these business disasters? Is there any way for you to mitigate the losses?
This is where the need for Cyber Liability Insurance comes into the picture. By obtaining Cyber Liability Insurance, your company can recover any potential losses and damages that your company may face due to various cyber incidents. Also, this will minimize business interruption and serve as your company’s risk management strategy.
Some state and federal laws mandate organizations to purchase Cyber Liability Insurance and submit an annual certificate showing that they have met the minimum levels of cybersecurity. As such, the CISA (Cybersecurity & Infrastructure Security Agency) has enforced that all businesses should strongly implement Cybersecurity while complementing it with Cyber Liability Insurance. With this, having Cyber Liability Insurance is highly fundamental for all businesses regardless of their size and industry. Since every business is at risk of cyberattacks, there is no guarantee that businesses can have 100% reliable cybersecurity. That said, Cyber Liability Insurance will serve as your safety net which will give you a sense of security, stability, and peace of mind for your properties and businesses.
DNI Services, LLC has several carriers we partner with that provides cyber breach response services which include computer forensic services, call center services, notification services, crisis management expenses, identity monitoring, credit monitoring, third-party information security, and other solutions services. With a coverage limit of $50,000 dollars, your company will be in safe hands. But if you’re seeking a higher coverage limit, you can also opt for a $500,000 dollar coverage limit.