Cyber-attacks are increasing and businesses of all sizes are affected. Whether the source of a data breach is an employee, third-party vendor or hacker, the losses incurred by a business can be hefty. In order to help you gain a better understanding of your exposure, and how cyber security insurance in Carmel can help protect your business, here are three of the most costly results of a cyber-attack.
1. Customer or Employee Notifications
If you store sensitive customer or employee data such as credit card or social security numbers, this data can become the target of a cyber-attack. One of the first things a business usually does following such a data breach is send out notifications to all parties affected. This can be a costly process. Notices are generally carefully drafted by lawyers. You may have to craft several versions of your notification if doing business in more than one state.
2. Credit Monitoring Services
A data breach that puts your customers or employees at risk of identity theft may result in the need to offer credit monitoring services to protect those individuals from losses.
3. Data Restoration
Following a cyber-attack, electronically stored assets such as customer records, mailing lists, subscriptions, website and email may have to be restored, replaced, and protected differently in the future.
Cyber security insurance in Carmel can help mitigate the often crippling costs of a cyber-attack.