With cyber-attacks on the rise, and more sophisticated than ever, it has never been more important for businesses to consider purchasing cyber insurance. https://www.insuranceproaz.com/why-every-business-owner-should-take-a-look-at-cyber-insurance

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Why Every Business Owner Should Take A Look At Cyber Insurance
With cyber-attacks on the rise, and more sophisticated than ever, it has never
been more important for businesses to consider purchasing cyber insurance. The
costs of not doing so could be far greater.
Cyber-attacks more costly than ever
 Data breaches and other malicious cyber activities can have devastating
consequences, including costly data loss and reputational damage. The
average total cost of data breaches in 2022 was $4.35 million, according to
the IBM/Ponemon Institute report. The report also found that it takes an
average of 277 days for security teams to identify and contain a data breach.
 Nearly two in three midsize organizations have suffered a ransomware attack
in the past 18 months. In fact, 47% of all U.S. businesses suffered a cyber-
attack in some way in the past year. The average cost of those attacks were
$18,000 in 2022, up from $10,000 in 2021.

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Data security measures increasingly outdated
 Cybersecurity measures in place by businesses, governments and individuals
are increasingly being rendered obsolete by the growing sophistication of
cybercriminals.
 Businesses must take proactive steps in defending against these threats, or
risk significant losses as a result of breached systems and stolen data. Cyber
insurance is one such way organizations can protect themselves from
financial harm due to a breach.
Your business could be liable in the event of a breach
 If your business stores sensitive information like credit card numbers, Social
Security numbers or protected health information, you could be held liable
for any breach that may occur. A comprehensive cyber insurance policy can
help protect against this risk, providing vital protection against financial
losses related to data breaches and other cyber security issues.

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Why you need cyber insurance, now more than ever
Cyber insurance policies provide coverage for costs associated with restoring
damaged systems, paying credit monitoring services for affected customers,
customers compensation for financial losses due to the breach, regulatory fines
and penalties, legal fees incurred during investigations concerning the breach –
even public relations efforts associated with managing post-breach reputation
fallout.
It can also help cover the costs of hiring experts to clean up the mess and upgrade
your security. In fact, cyber insurance coverage also provides organizations with
access to experienced professionals who specialize in data breach prevention and
can help them put in place strategies for responding to threats more quickly.
Even if you're not required to carry cyber insurance, it's a good idea
to consider it as part of your overall risk management strategy
Whether it’s a small mom and pop retail store or a mutli-national corporation, cyber
insurance can give businesses peace of mind when it comes to mitigating cyber-
related risks. If a business suffers a data breach, having cyber insurance in place
helps reduce the financial and reputational impact that can result.

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Insurance Professionals of Arizona have been ahead of the curve on cyber
insurance, and can confidently help you find the cyber insurance policy that gives
you the protection you need within your budget. Our IPA agents will go into detail on
every policy option available, as well as how those policies work should a data
breach, ransomware attack, or other security hack occur.
When looking at the various types of cyber insurance policies, business owners
should consider what type of coverage is best suited for their particular needs. As
part of any risk management strategy, cyber insurance can provide an important line
of defense against attack vectors like malware or ransomware. For businesses that
store sensitive customer data like credit cards or other personal information, cyber
insurance should be seriously considered – even if they’re not required to do so by
law or contractual obligation.
Contact us today and ensure that your business and your livelihood is fully protected.
We care about you and your business and we know exactly what to do to safeguard it.
We’re here to help! Call us today. Contact: +1 (480) 981-6338
Contact Us: Insurance Professionals of Arizona
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