Technology insurance is crucial for businesses of all size

With computer systems quickly evolving, fewer companies are asking whether or not they need to implement new technologies, and more are asking themselves, why not?

One major reason businesses could be hesitant is that with increased activity online, cyber criminals continue to find new ways to infiltrate systems and access personal information of customers and company employees. However, there are several precautions that organizations of all sizes can take.

In addition to comprehensive and far-reaching security measures - strong passwords, encryption codes, anti-virus software - business owners should also prepare their companies for any possible aftermath, should hackers still cause a data breach. This is where technology insurance can come into effect. Commercial insurance specialists can help enterprises find a thorough policy that suits their daily operations.

At any point when data is missing, a company has suffered a security breach. It's important to remember that no business is exempt from this possibility. Legal fees can be detrimental to a business' ability to stay profitable and efficient, which is why an insurance policy that accounts for computer systems should be put in place.

"Every system is going to have some vulnerability to it. You cannot set up a system that will survive all possible attacks," Mark Rasch, director of Privacy and security consulting at CSC and a former federal cyber crimes prosecutor, told Reuters. "You have to defend against every possible vulnerability and the attackers only have to find one way in."

Rasch was speaking about the United States Federal Reserve, and how the government entity found itself victim of a massive cyber attack. The hacking group Anonymous took credit for accessing personal information of more than 4,000 U.S. bank executives, which it subsequently published online.

So, when business owners decide to implement new systems, they need to ask themselves the same question about technology insurance - why not?

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