Current technological advances have certainly lead the way for cyber stalkers to encroach into your private and business data. Looking for loopholes and weakened security is their main objective so you need to be careful if you have an online retail business. If a hacker gains access to your website, you are jeopardizing the financial security of all your customers along with your business and reputation. If hacked, most small businesses have to shut their doors (so to speak) within 6 months due to the devastation a security breach brings. Will you be able to protect your online retail business if you suffer a cyber-attack?
You realize that your website has just become a victim of cyber fraud and now all of your customers’ order information along with personal and payment data have been exposed. Now you are responsible for contacting each and every customer to let him/her know their identity has been compromised and you are responsible for correcting this dreadful issue. Without having the right type of insurance protection for your retail online business, you will be faced with some serious financial consequences which may result in the demise of your online business. Your goal is to protect your customers and secure your website, but do you know how?
Tips to Protect Your Alabama Retail Online Business
You need to make sure your site is secure and encrypted. You can do this on your own (but you must be proficient with computer security) or you can hire an online service who specializes in the protection of computer systems from theft, breach, or malicious software attacks. Remember that cyber stalkers seek out small businesses looking for a weakened security system so they can steal all your information.
Another way you can protect your retail online business is by investing in cyber insurance. Cyber insurance is designed to protect businesses from exorbitant costs resulting from a cyber attack.
Ways Cyber Insurance Can Protect Your Retail Online Business
Cyber insurance is designed to protect businesses from high costs related to software attacks and data breaches. Without this type of insurance protection, you could be faced with paying for many costs out of pocket. Below are some expenses that are typically covered under cyber insurance, but not limited to:
- Identity Recovery
- Notification to All Customers Whose Personal Information Has Been Exposed
- Legal Fees from Third Party Lawsuits
- Credit Monitoring
- Settlement Costs
- Cyber Extortion
We Understand Your Alabama Business Insurance Needs
If you have any questions or concerns about cyber insurance and how it may protect your Alabama online retail business, call us TODAY at 256-704-7400. We are here for all your Alabama business insurance needs.