Cyber Insurance: 3 Industries Who Should Strongly Consider It

by | Jan 4, 2019 | Cybersecurity

Have you thought about what your company will do if your cyber security is compromised? With viruses such as Malware, Spyware, Worms and Trojan Horses, it’s not uncommon to have a breach in cybersecurity. Depending on the type of company, this could mean criminal hackers gain access to confidential documents. Does your industry have a cybersecurity plan? Cyber insurance will give you the peace of mind in knowing that your digital information is protected. Click To Tweet

Industries That Need Cyber Insurance

Most industries would benefit from outsourcing their cyber insurance. However, the following industries are at a higher risk of cyber attacks and should have risk insurance in case of an unforeseen data breach:

  1. Finance
  2. Healthcare
  3. Retail

1) Finance

Finance and banking businesses are clearly the main targets for cybercriminals. These industries have their client’s bank account numbers, phone numbers, home addresses, and private financial information documented. Since financial documents are now primarily virtual, the cyber risk is quite high. A cybersecurity insurance company will protect from general liability, data loss, and any cybersecurity breach.

2) Healthcare

Hospitals and healthcare facilities have a magnitude of personal information being stored digitally. Hackers are targeting healthcare facilities to use medical records and private patient information. If a cybercriminal gains access to these confidential records, it would be a huge information security breach. In order to protect patient details, healthcare providers need to browse the cyber insurance market for party coverage that will work best for their specific industry needs.

3) Retail

Retail industries are a prime target for criminals interested in stealing credit card information. Retail employees have to be educated on the cyber risks and taught how to handle personal information correctly. Furthermore, retail industries must have firewalls and insurance to protect against any cyber breach.

Pro Tip: Since retail stores typically have a high employee-turnover rate, each new employee needs to be taught about the dangers of potential security breaches.

Cybersecurity for Your Industry

With the majority of data being stored online, it’s critical to have insurance for your computer systems. Regardless of your specific industry, business owners should definitely invest in cyber insurance because the risks of being uninsured are just too high.

Has your cybersecurity ever been compromised? Join the conversation to talk with our team about new ways to protect your client’s private information.

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