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person typing on computerTechnology affords your business the ability to communicate without boundaries, expand globally and outperform your competitors. Although technology helps business owners realize their dreams, it also exposes them to hackers who want to steal data and other proprietary information. Armed with a great security system and data breach insurance, your business doesn't have to suffer financially if your data is compromised.

What Is Data Breach Insurance?

The costs of recovering from a data breach can easily approach millions of dollars, depending on the size of the breach. Many companies, both small and large businesses, can't afford to spend hefty sums of money on liability issues stemming from data breaches. Fortunately, data breach insurance may help businesses cover the costs of lawsuits and identity theft claims.

Additionally, many insurance companies offering data breach insurance also offer other services your business can use after experiencing a breach, including:
  • Notification Letters
  • Identity Restoration
  • Credit Monitoring
  • Support
By offering both financial support and experts to help your business wade through the complexities of a data breach, your insurance provider can help you restore your business so that you can get everything back to normal.

Why Your Business Needs Data Breach Insurance

Data fuels businesses. From customer information to information about vendors and suppliers, without data, it's like operating a business in the dark. Hackers interested in fraudulent activities or those with a vendetta against a particular business know that data breaches, even small breaches, adversely affect businesses and their credibility. This is why hackers are becoming increasingly more aggressive. They are burrowing through security walls in both small and large companies. Although data breach insurance can't stop hackers — that's up to your security features — it can help your business recover financially after experiencing a loss.

What May Be Covered By Your Data Breach Insurance

There are many types of data breaches that your policy may cover, including:
  • Physical Data Breach: Theft of documents or equipment containing company data.
  • Electronic Data Breach: This is a data breach that is initiated using a system or a network.
  • Skimming: The process of getting data by capturing information from a credit or debit card's magnetic strip.
When you purchase a data breach insurance policy, it is important that you have complete protection from different types of breaches; otherwise, you may find that your business may have to cover the costs of your data recovery.

Data breaches are becoming increasingly more common. Regardless of the size of your business, you are at risk of a data breach. Fortunately, the potential risk and impact of having a data breach can be easily reduced by purchasing the appropriate system security features and data breach insurance.

Is your business' digital data safe? Call First Insurance Group at (800) 511-2892 for more information on Somerset business insurance.
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