Posted by : Dan Levenson Thursday, October 30, 2014
Technology today is essential in running businesses as computers, mobile devices, servers, and the Internet support company processes like receiving orders, tracking deliveries, charging customer accounts, and filing tax returns with the IRS. However, advances in hardware and software have also equipped unscrupulous individuals with means to commit fraudulent acts, such as cyber-attacks, which could translate into irrecoverable losses for many local and growing businesses.
While investing in good online security programs and apps like firewall and antimalware reduces vulnerabilities to fraud-motivated cyber-attacks, businesses can also consider getting an extra layer of protection that offers an additional financial benefit. Insurance products, such as commercial general liability, professional liability, and cyber risk and network security coverage, can give businessmen peace of mind knowing that they can shift the financial burden that comes with fraud-intended cyber-attacks directed to them.
Getting a comprehensive set of business insurance can be the smartest thing companies can do as the proceeds of insurance policies give enterprises the needed resources to pay for possible litigation, compensation, and rehabilitation of affected business installations. Aside from the actual damages brought by exposure to cybercrimes, businesses also need to be substantially prepared for potential financial losses due to damaged reputation.