Can your Bahama business benefit from data breach insurance?

Cyber-attacks on business networks can have a devastating impact on a company's ability to operate and ultimately on an organization's reputation.

With the frequency of digital attacks on the rise, Data Breach Insurance is becoming an important component of business operations. Having the proper insurance coverage can help to mitigate the risk associated with the potential exposure.

Here are top 5 things to consider when determining how data breach insurance can benefit your business:

  1. Consider coverage if your employees currently share a network and save information to the company's database. 
  2. Determine if your organization is collecting confidential information including customer records, medical files, credit card information or bank account details and storing this information for any period of time. 
  3. In the event of a data breach, is the business in a position to response immediately in order to protect impacted individuals and the business’s reputation.
  4. Consider if your current insurance coverage gives you access to services that can assist in preparation for a breach, ensuring that proper security measures are in place before there is an incident.
  5. An added benefit of Data Breach Insurance is that it can help with response related expenses should a breach occur including the cost to notify impacted individuals and advertising/public relations efforts in the aftermath.