Cyber Exposure

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Youve Fallen Victim to a Data Breach, Now What?

Data breach insurance

You walk into the office, and your IT manager greets you with four words: There’s been a breach. It’s every business owner/manager’s nightmare. You retire to your desk, stare at your computer and thank your lucky stars that you have data breach insurance. But, now what? Where do you begin?

Step 1: Assess the Damage

The first thing you’ll want to do is gather a team to start assessing the extent of the damage. This will help guide your next move.

Step 2: Fixing the Issues

Once you have identified exactly what happened and to what extent you are exposed, you need to work with your management and IT department to figure out how to fix the issue. This may involve a security update or a complete overhaul.

Step 3: Communication

Now that you know exactly what happened, the extent of the beach and what you are going to do about it, it’s time to share this information with your employees and clients. In these cases, transparency is important. Admit fault when culpable and emphasize what you are doing to rectify the situation.

Throughout this process, you want to make sure you are in constant communication with your data breach insurance agent. This will help ensure that you are taking the necessary actions required by your policy to receive compensation.

 

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Cyber Concerns and Austin Business Insurance

austin business insurance

The risk of hackers infiltrating all types of businesses has become so prevalent that it regularly makes the news. Cyber security is important for companies of all sizes. Many small businesses are now being targeted and are equally at risk for cyber attacks as large companies and should therefore be prepared for a possible breach at any time.
Thankfully companies in the area can greatly benefit from austin business insurance that deals specifically with cyber theft and cyber breaches. Not only are hackers a concern when it comes to breaches but even those within the company can be responsible for getting into your system and stealing data, either unintentionally or on purpose.

Laptops can provide access to sensitive data

Sensitive information exists in most companies computer records and if an unauthorized individual is able to access a company computer then you could be at risk. For example, an employee who takes a laptop home from work could have it stolen and this could result in a loss of personal and confidential information. Any business that collects and stores sensitive information from customers, as many now do (and this includes everything from credit and credit card information, contact information, social security numbers, and confidential medical information) is at risk of a data theft.

Ways to prevent your company from experiencing a breach

You should instruct all employees to change the passwords used to log into technology systems on a regular basis and to avoid emailing sensitive information, or use a secured email service. Have employees lock their computer screens whenever their desks are unattended and never open strange email attachments or click unusual links in emails, especially from unknown senders. Make it a company policy to restrict access to unescorted and/or unsupervised visitors walking through your office, and have a written technology policy in place so that all employees understand the expectations and rules regarding how your business handles sensitive data.
To protect your small business from these exposures, consider a cyber liability austin business insurance policy. Speak to an agent that can help you identify the risks your business faces from data theft and also help you identify the right policy to cover those exposures.

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What Is Third-Party Liability When It Comes to Cyber Liability Insurance?

cyber liability insurance

Companies with large databases might have access to numerous peoples information, including credit card info. A data breach can result in various inconveniences in your customers lives, and they may even file a lawsuit against your company. Be prepared in case this happens by acquiring cyber liability insurance.

Third-Party Defense

Insurance against cyber risks includes third-party liabilities. This means that in the event of a data breach, you will be assisted by your insurance provider if your business gets taken to court. One or many customers can file a lawsuit in order to be awarded damages in the event their personal information was taken.

Insurance will help your company pay all related court fees. Even if you do not have to pay damages, you may still need to pay a lot of money to various lawyers, which can really set your business back. In the event a court decides you do need to pay damages, then insurance can assist with paying these settlements.

Be Protected With Insurance

Data breaches are becoming more common, and when they do happen, they tend to be newsworthy events. Make sure your business gets ahead of the issue instead of falling behind it, and get cyber liability insurance. Various advantages stand to be gained that you do not want to be caught without.

 

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Carmel Cyber Risk Insurance for Breaches

Carmel cyber risk insurance

There have been many recent reports involving cyber breaches at large corporations, and the worst is likely yet to come. Cyber crimes are on the rise, and smaller companies are equally at risk for this invasive activity. Cyber liability remains one of the top ten threats to businesses across the US. As a result, there is a need for risk management and safety protocols to stem the tide of theft that is gripping the nation. There is also a need for a policy that specifically addresses these concerns. Carmel cyber risk insurance is one such policy.

Most experts agree that IT security isn’t going to be enough to address this risk. As an owner you’re also going to need to create a comprehensive set of network-security policies and procedures. Properly implemented, tested, and updated on a regular basis, this can help you to ensure that the proper risk assessment has been made, security protocols are current and up-to-date, and a thorough management approach is taking place.

 

Cyber Breaches are Cause of Reputational Damage

If a company experiences a loss of personal data belonging to a large database of customers and/or employees this will naturally lead to a lack of trust in that company’s ability to handle sensitive materials. Having this type of occurrence throughout multiple companies is likely to have a cumulative effect. The loss of brand value can be enormous and the damage to a company’s reputation can be irreversible.

Business owners must come to terms with the fact that they face serious concerns from cyber and privacy breaches. Confidential information and personal data is a very valuable company asset, and its one that companies must go to great lengths to protect. Lost or stolen data can be sold for millions of dollars if not properly protected. Companies with personally identifiable information (or protected health information) need to purchase a policy in order to transfer this risk and protect their balance sheet.

Anyone that does business online or uses computers in their day-to-day operations is risking exposure to cyber liability concerns, and confidential information online has become far too easy to access, just as sensitive business information has become more open to exposure as well. If you do business in the local market you need to have Carmel cyber risk insurance in your insurance package as a way of protecting your company and your clients.

 

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Ways to Improve Your Insurance Email Marketing

Insurance marketing services

Email marketing helps many companies retain their customers and acquire new ones. It is also a simple way to reach a lot of people. Because this email marketing is so valuable, many agencies use insurance marketing services to help them with emails. You can use the following suggestions to improve your email marketing.

Optimize for Mobile Devices

One of the biggest mistakes companies make with email marketing is failing to optimize for mobile devices. The majority of people read emails on their phones or tablets. If your emails do not work on phones, you may need insurance marketing services.

Segmentation Strategy

Although email is a convenient way to reach a lot of people, it is important to be careful about sending the wrong emails to the wrong people. If you send something that doesnt apply to the person, they might unsubscribe or automatically delete the email. This is why it is important to group your email list into various segments.

Analyze the Data

It is not enough simply to send emails. You also need to analyze the data that goes with it. This will help you to understand what types of emails perform best, so you can improve your strategy.

Contact a company that specializes in insurance marketing services if you need help with your emails. They can help you improve your emails and increase your customer base.

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Using Social Media to Increase Your Insurance Agency’s Marketing

Insurance Marketing Leads

Any business relies on customers and clients to utilize their services. Insurance agencies are no exception, and if you are having problems generating insurance marketing leads, consider the advantages of social media.

Start Pages

The first step if you are new to the social media landscape is simply start up pages. Have a presence on Facebook, Twitter and anything else. Naturally, you are not going to get thousands of followers immediately, but be persistent and post content regularly.

Write Valuable Content

You need to give people a reason to follow you on social media. You can share your agency’s blog where you post articles about insurance. You can even hire a third party to write content for you if you need it.

Talk to Potential Customers

When you post an article, you might have people commenting on it. Feel free to respond to them and open up a dialogue. You want to always remain professional, but it is always a good idea to let people know there is actually a person behind the profile.

Do you need some more insurance marketing leads? There are plenty of ways to expand your reach, and professionals are standing by to help you out in this endeavor. By utilizing some key tricks, you should have no problem drawing in new clients.

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Appropriate Risk Management Prevents Cyber Exposure

Cyber exposure is the term used to describe what happens when a business inadvertently allows data to be exposed to people who do not have permission to view it. Professional liability insurance, also known as errors and omissions, protects a firm if such an event were to happen.

A common threat to businesses, law firms, and other industries is break-ins to databases that store valuable and confidential personal information. Cyber exposure is the term used to describe what happens when a business inadvertently allows data to be exposed to people who do not have permission to view it. Professional liability insurance, also known as errors and omissions, protects a firm if such an event were to happen.

 

Adding Risk Management to the Equation

 

Reputable businesses do not want their clients’ data stolen or otherwise illegally obtained. An additional level of protection to insurance is expert risk management procedures. The following are examples of how an insurance company can save hundreds of thousands of dollars by preventing cyber exposure fallout:

 

  • Accurately identify the most important data so it can be protected adequately
  • Consider potential threats to the data and any vulnerabilities in the current security system
  • Make a worst-case-scenario plan in the event that all other efforts to protect the data fail

 

Although it may seem like a bad idea to plan for the worst, it is actually extremely important. Some threats cannot be protected against because they might not yet exist. Planning for the worst can save a firm’s reputation and help get back to doing business as usual faster and with fewer losses. Speak with a professional liability insurance agent to consider the right policy and risk management solutions for your valuable digital resources.

 

photo credit: Robert S. Donovan cc
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