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Cybersecurity involves protecting important information for you and your customers, including personal details, network access and financial accounts. Losing sensitive information could cost your business a great deal of money and its public reputation, influencing the bottom line. Steel yourself against high-level damage when you put best practices in place for strong business cybersecurity.
Cybersecurity is the measure a business takes to protect its computer systems, information and security infrastructure from theft and damage. Cybersecurity can include protecting passwords, website or application codes, sensitive customer information, hardware, software and cloud-based data.
You’ll run across a variety of terms when looking into cybersecurity like:
A data breach could cost your business over $300,000 in legal fees and court settlements alone, according to the 2018 NetDiligence Cyber Claims Study. That cost increases the higher your industry’s cyber risk, such as with healthcare and financial companies. As an example, the 2013 Target data breach cost the company over $200 million.
These factors can influence the cost of a data breach:
Once a thief gains sensitive information, you can assume they’ve used that information or replicated it for other people’s access. You might have to take drastic measures to mitigate further risks.
Yes, cyber liability insurance is a policy designed to protect you from most cyber risks. Your coverage under this policy can include expenses related to:
Your business can improve its cybersecurity by applying these tips:
Look into protecting these assets and tools for your business:
After a security breach, you may want to consult cybersecurity professionals about the proper steps to take. Dealing with the security breach may include these steps:
Cybersecurity is your business’s front line defense against computer attacks. Those can include attempts at getting sensitive data from your computers’ hardware, software, cloud-base or applications. Aside from implementing strong security measures, cyber liability insurance can help restore your business if a cyberattack does happen.
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