It’s a sad fact of life that where business goes, theft and fraud follow. In the 21st century, business is online. Vaults have been replaced by mainframes, wallets by tap-to-pay apps.
Our money has migrated from fabric bills to 0s and 1s. Naturally, the most creative crooks have followed the money into digital domains where a simple padlock no longer suffices.
In 2023 alone, cybercrime cost Americans upwards of $12.5 billion. For context, that figure rivals the gross domestic product (GDP) of Namibia—an entire nation.
When faced with threats like these, what can Alabama businesses do to safeguard their livelihood?
Guarding Against Cybercrime - A Guide for Alabama Businesses
After 50 years of protecting businesses big and small, Pepper, Johnstone & Company knows how difficult it can be to keep up with the times. Scammers and hackers seem endlessly adaptable, while our encryptions hardly keep pace.
Let’s talk about how custom technology insurance can protect your business and your bottom line.
Why Do I Need Technology Insurance for My Business?
These days, tech insurance is a must for nearly any business. Even those of us who operate far from the cutting edge can benefit from enhanced protections.
If you keep financial information digitally (bank account numbers, a client’s personal information, etc.) or if you have proprietary information stored on business computers, you likely need more coverage than you have.
If a hacker or scammer gains access to your files, they could steal:
- Financial details & information
- Private customer information
- Proprietary information & intellectual property
- Usernames & passwords
- Emails & personal communications
- Photos, footage, and other files
- More
In some instances, this access can even imperil your hardware and software, limiting how quickly you can get back to business. Ransomware attacks are becoming increasingly sophisticated, too—a serious threat to hospitals and fintech firms alike.
So, how can insurance help?
Contain the Damage with Data Breach Insurance
Data is more valuable than ever. With just a social security number and a zip code, criminals can unravel lives.
Combine the value of data with the routine act of asking clients for their name, address, email, and phone number. All told, even a small business makes for a juicy target, to say nothing of leading innovators.
Once your business gathers data, you’re responsible for it. So, if damages result from a data breach, you and your organization could be culpable. This is where insurance comes in.
What Data Breach Insurance Can Do
Data breaches are messy, with far-reaching implications for a business. People have understandably strong emotions when identifiable or health information leaks online. To contain the fallout, you need to act quickly. But speed can be expensive.
Data breach insurance protects your business in the event of the worst. With this policy, you can expect coverage for:
- Reputation management and public relations
- The cost of notifying customers, vendors, employees, etc.
- The cost of identity theft and prevention services for those affected
But what about your business and your information?
Commercial Identity Theft Insurance
While data breaches can be costly and damaging to your reputation, the theft of your intellectual property poses an existential threat. Throw in your banking information and things start to look grim.
Thankfully, identity theft insurance can cover:
- Online safeguards to catch the sale of private information
- Risk monitoring and alerts
- Comprehensive recovery services
Additional Tech Insurance Options for Businesses
Unfortunately, businesses of all types and sizes have more to deal with than just scammers and hackers. There’s danger in real life, too. Here are a few more coverage options.
- Technology Errors & Omissions
- Commercial General Liability
- Employee Dishonesty
- Workers Compensation
- Commercial Auto
- Business property coverage to protect office contents and equipment
Let Pepper, Johnstone & Company Build a Tech Insurance Plan for You
As an independent insurance brokerage, Pepper, Johnstone & Company can shop around to find you the most suitable coverage without paying more than you need. This also enables us to create a custom plan to fit your business perfectly.
Tech insurance is ideal for tech companies, but businesses of every size and type can benefit from it—especially with cybercrime on the rise.
Contact us online to get started. If you have any questions about tech insurance or what it covers, give us a call at 866-872-0431 for Athens, AL, or 866-872-0431 for Huntsville.
Get Coverage Today – Before a Hacker Sets His Eyes on You
Every encryption can be broken. Before your business becomes the latest victim of a data breach or phishing scheme, find a tech insurance plan that matches your needs and budget. The best firewalls fall, but insurance can pick you and your business up again.