According to the FBI’s Internet Claim complaint center 2020 report, there were 791,790 internet crime complaints, an increase of more than 300,000 cases.
The attacks resulted in a loss of approximately $4.2 billion.
The most common attacks facing most companies in California include extortion, non-delivery scams, phishing, business email scams, and investment fraud. Unfortunately, cyber criminals target colossal amounts that can bankrupt a firm.
Besides financial loss, a business in Northridge, CA may suffer litigation, disruption, and lost trust when a cybercrime occurs. That said, companies can leverage cyber liability insurance in Northridge, CA as a risk management plan for the ever-evolving cyber threat.
After a cyber-attack, the company needs an investigation to understand the extent of the breach and the possible loopholes.
Some of the commonly targeted digital assets include servers, internal controls, email systems, entire networks, or databases.
Investigations of this nature require independent forensic experts who are not available internally.
Cyber Liability insurance coverage can reimburse the cost of investigation and hiring a forensic expert. In addition, some plans provide cyber security experts during the investigation period.
Data protection laws hold companies responsible for any personal information in their custody.
The firm’s burden doesn’t shift whether it stores data on an offsite server or third-party cloud firm. Keep in mind that cyber attacks target personal Identifiable Information(PII) and Protected Health Information(PHI).
In the event of a breach, the data protection laws require firms to notify affected parties.
In addition, companies incur costs associated with data breaches, legal action, and security fixes to reinstate compliance status.
Panorama’s Northridge, CA Cyber Liability insurance covers breach notifications, legal fees, and investigation-related expenses.
A malware attack on critical systems of a financial institution can lead to massive disruption of their service. First, it can disrupt core operations, costing the organization time and money.
Secondly, it can make the organization breach service contracts with customers compounding the losses.
Panorama’s Northridge, CA Cyber Liability insurance comes in to cover direct costs associated with the attack.
In addition, cyber insurance can help alleviate the additional cost of doing business during the attack.
Although cyber attacks affect an organization in multiple dimensions, nothing compares to economic loss.
For instance, disruption of core operations in a bank could lead to millions of dollars in losses.
Furthermore, legal suits and settlements can take up all the cash reserves impeding its operations.
Here’s how cyber insurance can alleviate the economic loss:
When a cyber-attack occurs, there’s a lot at stake, lost data, compromised security, and revenue.
Luckily, Panorama Insurance agency’s understanding of cyber liability is unmatched.
Panorama Insurance Agency the best cyber insurance coverage that’s up-to-date with evolving cyber-attacks near Northridge CA. Contact us online or call 818-781-6630 to get a quote.