Cyber insurance isn’t required by state or federal law. Even so, every Okemos, MI, business will want to seriously consider purchasing a policy.
Cybercrime Is on the Rise
Experts predict that cybercrime damages will hit $10.5 trillion by the end of 2025. At the same time, generative AI is improving cybercriminals’ ability to conduct phishing and malware attacks, while the business community faces a severe shortage of cybersecurity professionals who can detect and deter these attacks.
A Single Hack or Breach Can Ruin Your Business
Consumers tend to blame companies for lax security when a cyber breach happens. Even a single attack can deter consumers from doing business with you. In fact, one report found that three-quarters of consumers would sever ties with a brand that’s experienced any cybersecurity-related issue. Disgruntled consumers can take their business to another Okemos, MI, company and sue you for the leak of their private data.
Cyber Insurance Limits the Damage and Prevents Future Harm
Commercial cyber insurance covers expenses such as ransomware payments and removing malware from your computer. It also covers the cost of improving your cybersecurity. If you add a third-party cyber insurance policy to regular cyber insurance, you can also get compensation to cover legal costs if those affected by a cyberattack on your business decide to sue.
Contact Great Lakes State Agency for More Information
Great Lakes State Agency specializes in providing commercial insurance options to businesses of all sizes and in all industries. Call us to find out more about our cyber insurance options or to get quotes on policies or policy bundles.
