What Is Cyber Insurance…

And, Do You Need It?

Cyber attacks and loss of data can be devastating.  This week, Craig Siminski, of CMS Retirement Income Planning, shares information about addressing this risk:

Does your company store or communicate potentially sensitive information about customers, employees, or competitors? Cyber attacks and loss of data can be devastating to a business, so you may want to be proactive about addressing this risk.

Start by determining areas of vulnerability. Then create cybersecurity policies and procedures for employees to follow.

You might also consider purchasing cyber insurance, which provides protection against potential financial losses resulting from data breaches caused by cyber attacks, viruses, and other threats. It also helps cover third-party lawsuits filed against your company resulting from data breaches or your failure to adequately protect sensitive or confidential information.

Who Needs Cyber Insurance?

Your company or organization may be a candidate for cyber insurance if it does any of the following:

Sends or receives documents electronically

Communicates with customers or other outside parties via email, text messages, or social media

Stores third-party information on a computer network that may be considered sensitive or private, such as an individual’s identity, tax information, income, address, Social Security and/or credit-card numbers

Stores confidential company information (e.g., tax documents, sales or marketing figures or projections, trade secrets) on a computer network

Advertises company services or products via …

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Craig Siminski is a CERTIFIED FINANCIAL PLANNER™ professional, with more than 21 years of experience. His goal is to provide families, business owners, and their employees with assistance in building their financial freedom.

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