If your company works data systems, Pearland TX Cyber Liability Insurance is ideal for protecting against a lawsuit if a security breach occurs. This type of insurance typically covers anything from data breaches to stolen information. However, there are important exclusions to be aware of.
There are countless insurance agencies you can go to when you want to purchase cyber liability insurance. On the other hand, it is important to do research prior to hiring an insurance agent. Make sure they have the experience dealing with cyber liability insurance so that you don’t deal with surprises when you file a claim.
Simply put, if you want the best team of insurance agents working for you, call the Texas Insurance Agency. Our team is among the best and most experienced agents in the region. Furthermore, our mission is to help you find the right insurance policy that protects your business and income when the unexpected happens.
What is Cyber Liability Insurance?
Businesses are more vulnerable than ever to cyber-attacks and threats. Today, consumers are at the center of most business operations. Therefore, many companies collect endless amounts of data related to customers, some of this being sensitive information. Per laws put in place by the government, it is the responsibility of the company to securely collect and store this information.
As a company owner, you might be asking how you protect your company from the consequences of a cyberattack that is outside your control. If customer information is stolen and used illegally, you might find yourself at the end of one or more lawsuits.
However, Pearland TX Cyber Liability Insurance is meant to transfer risk from your company to the insurance company through the payment of premiums and deductibles. This insurance is also referred to as cybersecurity insurance. Whether you are a small business or a large corporation, have this insurance can help keep your business afloat in the aftermath of a cyber attack.
If your company frequently deals with sensitive information gathered from customers, get in touch with your Texas Insurance Agency representative and ask how you can protect your company in the event of a cyber attack.
Things to Know:
A cyber attack can come at any moment, without warning. Furthermore, it can come from many different sources, inside and outside your company. When you purchase cyber liability insurance, keep in mind that there are exclusions on your policy.
For instance, this insurance usually only accepts claims for attacks that come from outside the company. So, if a disgruntled employee hacks into your information software and steals information, sells company secrets or intellectual property, these claims will typically be turned down.
Additionally, other exclusions can include employee misconduct or mishandling of information. For example, if an employee accidentally emails personal information to someone through an unsecured network, and that information is stolen by a hacker, your claim will likely be denied. The theft of information can be traced back and will reveal the mishandling of sensitive information.
Preventing Cyber Attacks
Cyber attacks can damage the revenue and reputation of a company. Even with the benefit of cyber liability insurance, it is imperative to take steps that will detect cyber threats and attacks before they happen. Fortunately, there are easy ways to make this happen.
For instance, a cyber risk assessment is just one of many ways to conduct a thorough investigation of vulnerabilities. These weaknesses could result in attacks and stolen information. Therefore, identifying them and taking the right steps to fix them will go far in earning the trust of your customers. Here are a few questions you can ask about the vulnerabilities in your company’s system:
- If a cyber breach occurs, what would the impact be, and how would it affect business function?
- What are the types of threats our company might face, and how do we strengthen the security of information?
- How can we change identified vulnerabilities in order to protect the company’s data?
If you own or work at a tech-based company, there is a good chance you have a professional team of IT specialists that can conduct a risk assessment. An alternative is to hire a reputable outside source to conduct the assessment of your information system security.
In general, a risk assessment identifies and intercepts potential cyber threats and helps you come up with a plan to avoid a security breach.
Bridge the Gaps in Coverage
At times, commercial business insurance will provide coverage of events that target your information systems. However, few of these policies will provide comprehensive coverage. Therefore, they won’t truly keep your company out of deep water in the event of a breach. For that reason, it is better to have a cyber liability policy so that you can bridge the gap in coverage.
The Benefits of Having Cyber Liability Insurance
Traditionally, companies have taken steps to protect their data through the use of firewalls and anti-virus software. However, as the digital age progresses, hackers become more adept at breaking through even the most sophisticated systems. As a result, it is beneficial to have cyber liability insurance.
Know the Law
Most governments require companies to follow specific rules and regulations with regard to storing and using sensitive data. Furthermore, those from whom you collect this information have a reasonable expectation that you will take steps to protect their vital records.
Recently, the European Union passed a General Data Protection Regulation law. Upon meeting certain qualifications, this law requires companies to hire a Data Protection Officer (DPO). The DPO’s job is to detect and intercept cyberattacks before they happen.
Pearland TX Cyber Liability Insurance
For more information about the services, Texas Insurance Agency offers, visit our website! There, you can also read our blog or learn more about our company. Contact us today to speak to a team member. Texas Insurance Agency will help you find the right Pearland TX Cyber Liability Insurance policy!
Pearland, TX Fun Facts:
- Pearland was founded in the late 19th Century.
- In 1934, Pearland residents struck oil.
- Pearland is just twenty minutes from Downtown Houston.
- For more information about Pearland, TX, visit the city’s website!