PROTECTING WHAT’S IMPORTANT
INSURANCE IN SOUTH CAROLINA
Change is a part of life. As your life and business change, you need insurance that changes with you. TAiG specializes in creating insurance strategies for individuals and businesses in South Carolina, including West Columbia, Irmo, Lexington, Chapin, and surrounding areas.
Thinking about what America was like 20 years ago, it’s amazing to realize how far technology has come. In 1997, social media platforms were a thing of the future, many businesses didn’t use websites, and even cell phones weren’t in every pocket like they are now. It’s safe to say that in two decades, technology has come a long way. Now, it’s absolutely unheard of for a business or individual to have no online presence at all. In this day and age, we tend to live much of our lives and even conduct a large amount of our business online.
THE NEED FOR CYBER PROTECTION
The Need for Cyber Protection
The internet has opened up so many more opportunities for us in Columbia to connect with old friends across the country, stay in touch with loved ones all over the world, explore job opportunities, get immediate answers to questions, and so much more. The internet is a huge and limitless resource and some of us feel as though we’d be lost without it; it’s such a real part of our day to day lives. But do we ever fully consider the extent of the potential dangers that the internet holds?
Many people don’t realize that though the internet holds great potential for making our lives easier, more enjoyable, and more convenient, the web is also widely used by dangerous people with evil intentions. Knowing that our personal information and vital knowledge about our families and businesses is vulnerable and even susceptible to those dangerous people, should make us think more seriously about our cybersecurity. Cybersecurity insurance is something that everyone should think about.
THE NEED FOR CYBER PROTECTION
Cybersecurity insurance, which is also referred to as data breach insurance or cyber liability is a standalone insurance that is sold independently from other general liability and doesn’t fall under any other insurance umbrellas. Cybersecurity insurance protects companies and individuals from internet-based risks such as data breaches and hacks, data destruction, data theft, and so much more. As well as directly improving security, cyber insurance will aid in a company or individual’s recovery process from security breaches of all kinds and sizes. But do you ever wonder how cybersecurity insurance got off the ground?
In the 1990s, though the need for it was not nearly what it is today, the idea for cyber insurance started cropping up in the minds of some lawyers and insurance brokers. One of the very first cyber policies that we know of came about in 2000 when Keith Daniels and Rob Hamesfahr got together with two insurance brokers, Ted Doolittle and Kinsey Carpenter, devised a policy that could cover the losses of a business in the event of a cyber attack.
KINDS OF CYBERSECURITY INSURANCE
Now that we’ve discussed what cybersecurity insurance is, and we’ve learned a little bit about its history, let’s learn about some various kinds of cyber insurance:
- Hacksurance – This protects individuals and business owners from cyber attacks and cyber hacks.
- Theft & Fraud – This covers the destruction or complete loss of the policy holder’s data or funds as a result of criminal action.
- Forensic Investigation – Covers any legal, technical, or forensic resources needed to decide if an attack has happened, to access the damage done, and even stop the attack.
- Business Interruption – This covers the loss of income or business because of a cyber attack or data breach.
- Extortion – Covers the cost associated with the investigation into cyber threats and this also is used to cover the expenses of paying the extortionists when data or information is threatened to be made public.
- Reputation Insurance – This covers the damaging of a reputation or the defamation of character.
- Computer Data Loss and Restoration – This covers the damage to or loss of computer-related assets by retrieving and restoring data, hardware, software, or any other information damaged or lost due to a cyber attack.
WHO NEEDS CYBERSECURITY INSURANCE?
Small Businesses – Though we’ve seen individuals purchase different kinds of cyber insurance, the most common establishments to need cybersecurity insurance are businesses. In fact, did you know that 71 percent of cyber attacks are targeted at small business? This statistic usually throws people because we’d all assume that large corporations are the most common victims, however, these larger companies are usually much better protected than smaller businesses. Small businesses tend to have less data security and are, therefore, more vulnerable to cyber attacks. It’s vital that if you own a small business, you look into getting cyber insurance coverage as soon as possible. Having a data breach, data theft, or something else of that nature can be absolutely devastating to any business, especially one that is smaller, local, and homegrown. If you’re thinking about getting cybersecurity insurance for your small business, contact us today!
Large Corporations – Though smaller and more vulnerable companies are often the target of cyber attacks, it is just as vital that larger corporations are well protected with cybersecurity insurance. Though it might be more difficult for hackers to penetrate the security systems and measures big companies possess, when a breach does occur, the results can be absolutely disastrous. We can all think of recent news stories in which large companies were the target of an internet data breach or hack. In these situations, if these companies weren’t insured, how could they possibly recover from their many losses? Cyber insurance is the smart choice for business of any kind, size, and location; make sure that your company is protected! If you have questions, we’re just a phone call away.
If you’ve been wondering about whether or not your business needs cyber insurance, the answer is definitely yes. Making sure that you’re company is protected in the tragic event that your data and information is hacked, stolen, leaked, damaged, or even destroyed is one of the most important steps that you can take as a business owner. Don’t leave your business vulnerable, protect your data with cybersecurity insurance.
CONTACT THE EXPERTS
Need cybersecurity insurance? The Alexander Insurance Group has been faithfully insuring the Columbia area for years and we’d love to help you! Contact us today or check out our site to learn more about our many services. In addition to cybersecurity insurance, we also offer personal insurance, and commercial insurance.