typing on computerNearly every business relies on data to operate throughout the day. Data about customers, vendors and competitors help business owners make decisions about how to move forward with their business. With such a heavy reliance on data, it makes sense to protect the information from system failures and individuals who may want to harm your organization. So, is data breach insurance an effective approach to protecting your data, or is it just a gimmick? Examining this type of business insurance will help you determine if it is right for your business.

The Need for Data Breach Insurance


USA Today reported that in 2014, 43 percent of companies experienced a data breach within a year's time. That is a 10 percent increase compared to the number of data breaches companies reported in 2013. And it seems that data breaches will continue to increase along with technological advances. Hackers are becoming more technologically savvy and aggressive. You cannot update your technology and security protocols as fast as hackers are able to learn how to maneuver around your system. So what can you do? You can purchase data breach insurance to help you cover the costs of a data breach.

Understanding Data Breach Insurance


Like other forms of business insurance, data breach insurance doesn't prevent a peril, but rather it helps you recover after you experience a loss. Instead of attempting to helm the ship alone, companies providing data breach insurance provide you with an array of services that will help you restore your business quicker than you could alone. Some of the services include:
  • Crisis Management
  • Reimbursement for Crisis Response Expenses
  • Identity Protection for Customers
  • PR Response
If you never experienced a data breach, then you will likely not know what to do during a data breach. By partnering with your insurance provider, you stand a much better chance that your business will resume full functionality in a timely manner.

Data breach insurance is another tool in your insurance arsenal of protection. Paired with other forms of insurance, your business gets complete protection, which increases your chances of continued operations.

Cyber threats are no joke. Call Buschbach Insurance Agency at (708) 423-2350 for more information on Oak Lawn business insurance.
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