Operating a profitable business in the modern marketplace requires more than merely meeting customer demands or selling a relevant product. Instead, today’s business executives must try to avoid the most common types of data loss. Likewise, since cyber threats are usually impossible to prevent completely, managers also often must purchase data loss insurance to control the damage of a potential cyber attack.
Loss of Company Data
The first type of data loss that managers must try to avoid is a loss of company data. Every organization has sensitive information that it must keep private. If the information becomes public, the company’s reputation and revenue may take hits. Data loss insurance usually covers any losses due to business interruptions.
Loss of Customer Data
Companies that retain customer data also must try to keep it safe from cyberthieves. Of course, if the sensitive information falls into the wrong hands, businesses must notify affected customers as soon as possible. They must also investigate the source of the data breach and pay any penalties, fines or settlements stemming from it. With data loss insurance, business owners usually get the peace of mind they need to do business with confidence.
All modern business owners must keep their organizations safe from the most common types of data loss. With the right cyber insurance policies, savvy company managers protect company assets.