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Assessing cyberinsurance for your business

  • JensenBreck
    2 posts

    With technology increasingly intertwined with all aspects of business, CNET@Work can help you -- from prosumers to small businesses with fewer than five employees -- get started.

    The Equifax breach in September undermined the confidence of companies around the world -- but nowhere did it generate more concern than in small businesses.

    "Cybersecurity is a real concern," said Christopher Adams, chief executive officer of Glauser Life Sciences, which produces an anxiety relief supplement. "A breach has the potential to destroy value overnight. Our R&D and intellectual property is at risk if not protected, not to mention our client data. If your customers can't trust you with their information, they are not going to trust your product. Our vendor data and supply chain could also be compromised. In a growth business, if you can't deliver on time, you are in trouble."

    But what if you aren't sure about the cyberprotections your company needs, or what your insurance company can offer?

    See also: Never work without a net: Insuring your business

    The Deloitte Center for Financial Services reports that companies have a "hard time quantifying exactly how big a risk they face ... that may lead to uncertainty about what type of coverage and how much insurance [a company] might need, as well as the cost/benefit associated with transferring at least part of this burgeoning exposure to insurers."

    Cyberinsurance covers threats such as data and security breaches, cyberextortion that forces you to pay fees to unlock your data or website, and damage to your reputation.

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