Are you as prepared as you think?
There’s no question that technology firms of all sizes face a significant threat from information security breaches.
Cyber-attacks have become more commonplace and more sophisticated with each passing year.
According to a January 2014 Lancope/Ponemon Research report, there are a variety of challenges that today’s organizations have to deal with, including:
- malware campaigns launched by organized criminal groups who look to steal information that can be sold on the black market,
- increasingly powerful distributed denial-of-service (DDoS) attacks that can take out large websites,
- state-sponsored espionage that can penetrate even well-defended networks.
Technology firms need to be prepared to respond when these incidents happen.
Cyber/data breach insurance offers tech companies the ability to plan ahead for the insurance claims that can happen today or tomorrow due to a data breach and/or cyber attack.
Not only do tech companies have to be concerned about external cyber attacks, there’s always the possibility of a programming or coding flaw that could internally cause a data breach. In such a case, it is important for a tech company to ensure that they have insurance coverage that covers errors and omissions as well as external incidents.
A knowledgeable cyber insurance broker that specializes in cyber risks should be consulted when exploring cyber/data breach/errors and omissions insurance coverage for your technology company.
