As Internet technologies are developing and can offer more options, business owners have become increasingly dependent on their use. However, it has also opened up a new crime area. IT developments happen rapidly, and cyber crime is keeping pace with these technological advances. Managing this risk withappropriate additions to California business insurance policies has become increasingly important.
What does your business have stored on your
network that someone else may want, and can they get at it? The most basic
information that may be accessible includes details of your financial
infrastructure and personal information about you, your staff and your clients.
Identity fraud is becoming rampant and access to the latter information makes
anyone in your system vulnerable, particularly as your financial information
may include banking and investment details.
Depending on your business, you may also store
information that constitutes trade secrets – both yours and those of any
partner companies. Losing those to a cyber criminal could compromise your
business information and that of others in your business network.
Preventative measures are vital. You should
retain the services of a reputable IT support company if you don’t have
in-house IT staff. Make sure your network security is good – install firewalls
and update software regularly to minimize the risk of infiltration.
These new risks have generated the need for new
coverage products that can be added to California
business insurance plans. Privacy and network liability policies can
help protect you financially in the event of cyber theft, but prevention is
still your best option. Your insurance agent is a good source of information
about new insurance products that may provide additional protection for these
new risks. With Tower Insurance Associates, Inc., we can give you any more
information you need regarding this coverage. Contact us today!