The Importance of Cyber Insurance
It’s no secret that even companies that take the proper precautions against data breaches can still be hacked and have to face the consequences, which can include spending money on an IT forensic expert, notifying the affected individuals, offering credit monitoring and suffering loss of business – costs that can run in the millions of dollars even for small companies.
In the latest episode of the Brown Smith Wallace Brown Boarding Business Series, Bill Goddard, Principal, Insurance Advisory Services, explains that these liabilities are not necessarily covered by standard business interruption insurance, and if your company is not buying cyber insurance, you are taking on a significant risk.
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