Protect from hackers through professional liability insurance

Legal experts have recently come forward to say that business owners both large and small need to ensure that their professional liability insurance is up to date in order to prevent damage done by online hackers.

From Sony to Twitter to MasterCard, firms of all shapes and sizes have been under siege from hackers lately.  Business liability insurance experts say that the threat of such an attack has risen to such a near danger that a 100 per cent prevention is nearly impossible.

According to a report on data breach investigations published by mobile phone provider Verizon, the main targets of hackers’ attacks have been small- and medium-sized businesses.  Often viewed as low-risk and high-reward targets by organised crime due to automated data theft, these hackers can steal just as much data – or more data – from larger firms.

Often costly and the cause of significant financial stresses for SME’s, these attacks can be crippling – especially if the businesses don’t have proper professional indemnity insurance.  In a 2010 survey presented by computing manufacturer Symantec, firms reported that the average yearly cyber attack caused SMEs more than £150.

Resultantly, firms of all sizes need to come to the realisation that it is significantly likely that their databases, Web sites, and networks will end up getting hacked.  This is because there is simply no such thing as a perfect layer of security, and many industry experts are spending little time speculating on if a firm will get hacked but instead when a breach will occur and how bad it will look once it does happen.

Experts urge business owners to examine the liabilities that their companies would incur if they indeed were hacked.

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