Cyber liability insurance: risks digital environment | UNIVISTA INSURANCE

Cyber liability insurance: risks digital environment

Cyber liability insurance: against the risks of the digital environment. One of the main challenges for small businesses is digitalization, which goes beyond having a website. When a company digitizes, it transforms its business model to improve communication with customers, expand profit margins, reduce costs, increase productivity, enhance its brand, and ultimately satisfy its customers more effectively.
Many business operations can now be carried out electronically, such as sending a quote, signing a contract, sharing documents, or paying for a project or invoices. Digitalization enables small businesses to reach farther without leaving their location, make their products more visible, and attract more distant customers. Although it may seem incredible, digitalization is not always an expensive process; one simply needs imagination and the use of various existing tools. Nowadays, it is not difficult to see some dentists showcasing their treatments and customer satisfaction via Instagram, Facebook, or even Twitter.
More and more companies are conducting job interviews via Zoom, and we see doctors using similar methods to diagnose their patients. Nowadays, there are digital language classes, music and drawing teachers, or tax advisors whose classrooms and offices are virtual.
However, when we move our business to the digital world, we expose ourselves to new risks and crimes that occur over the internet. According to statistics, 43% of cybercrime victims are small businesses, and 60% of those affected close their doors because they lack a plan to prevent such risks, including the absence of cyber liability coverage. Any company that handles confidential data should include cyber liability insurance in their commercial insurance package (commercial insurance, Business Owner Policy, BOP) to cover potential financial losses from cybercrime and protect the owner from legal action resulting from a cyber incident, such as phishing, online attacks, ransomware, data theft, and fraud.
If you are a business owner looking for affordable commercial insurance in Florida, do not hesitate to call Univista Insurance, which will undoubtedly advise you on how to protect yourself from cybercriminals. Cyber liability insurance: against the risks of the digital environment.

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