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You may not see the Spooks Hovering Over Your Business

Cyber_Insurance_Coverage_112543049_103114The ghosts and goblins are out today, ready to trick or treat until their hearts’ content. This evening you’ll anxiously await their arrival with treats, and you’ll be ready for a few tricks. What about the rest of the year? Are you prepared? It’s easy to spot the werewolf walking across the street or the witch lurking on your doorstep, but it’s not so easy to identify the monsters frolicking daily in cyberspace.

You may not see them, but I assure you, they are there. And, they’re scary. It seems the news media covers a new data breach each week – Target, Home Depot and JPMorgan Chase for example. I’ve accepted the fact, that for now anyway, these cyber invasions are something with which we must live. So, I’m not going to be afraid, I’m going to be smart.

So, what’s scarier than those cyber monster invasions? Not having the cyber coverage to protect your business when they come. “According to a survey conducted by Hanover Research and sponsored by ISO, 40% of cyber carriers say policyholders think they don’t need cyber coverage and 29% think they are covered under existing policies.” ( It’s likely those businesses aren’t covered at all. It’s VERY SCARY.

As a commercial insurance broker, the lack of cyber coverage purchased by businesses is of grave concern. There are policies available to cover everything from data breach to cyber extortion and social media liability. These policies help with the incurred expenses if your business is hacked or your data stolen. The policies may aid in legal expenses or revenue lost due to a company shut down. In this digital age, you can’t be too careful. Watch your back, and check with your insurance provider about cyber coverage for your business. Those cyber monsters are out there – today and every day just waiting to do a little trick-or-treating of their own.

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