Why You Need a Cyber Security Insurance Policy When You Have a Website

Your website is where all the magic transpires for your business online. From storing precious customer inquiries to being your audience’s go-to spot for connecting with you or your team, it’s the digital hub of your business.

Whether you’re running an eCommerce site, or collecting information of any kind on web forms, keeping your digital space safe and secure is a serious matter. However, after you have done all you can to defend your website against threats, there are still others that might attack your site, despite your best efforts to prepare. 

That’s where a cyber security insurance policy for your business might just turn out to be a life saver. It’s like a safety net, waiting to catch you if those little digital gremlins ever decide it’s time to visit.

Let’s look at a couple of reasons why making sure your business and online space is covered, is not just smart, but crucial.

Understanding the Risks of Having a Website

The internet is a battleground and your website is on the front lines. Here are some possible sources that make cyber security insurance policies a necessity:

Liability Over the Media You Use

Just imagine using a photo you thought was free to use from Google, only to find out you’re being sued for copyright infringement from the stock image site that manages the rights for that image. This is quite a common scenario. Many people will grab an image from Google and think it’s okay, but in reality, it’s not.

Using google to find images

And doing so can rack up both legal bills as well as settlements. A cyber security insurance policy can take care of those costs, bringing peace of mind and financial protection. We have had several clients make this mistake over the years, and the cost to settle was $800 to several thousand dollars (for one image used!)

Harm to Your Reputation

A security breach does not only spill data – it taints your brand’s good name. The loss of customer confidence can be catastrophic, leading to reduced sales and a long path back. Cyber insurance can assist in managing the crisis, but proactive website care minimizes the risk of breaches in the first place.

System Failure

Your website’s uptime is often in the hands of third-party hosts like WP Engine, Kinsta, GoDaddy or others. If they fail, your website may crash, bringing a significant loss of business as well as damage to your reputation. Cyber security insurance can help recover losses incurred during these outages, while a care plan ensures you have a responsive team ready to mitigate these risks.

Business Interruption

The bungling of security not only affects your website. It can also hobble your entire operation. An eCommerce shop that cannot generate sales, or a service provider who is not able to take bookings for clients will feel the financial consequences immediately. Business interruption losses are almost impossible to calculate following such events, making insurance a must-have.

Ransomware

Cyber extortion is a real possibility today, and website owners are often the targets. Ransomware can sabotage your site and add to your financial burden. The cost of such a crime, with both the ransom and the potential downtime such an attack can cause, can be quite high. Thankfully, cyber security insurance can cover ransom payments and help with recovery efforts.

Bricking Coverage

Your hardware can easily suffer cyber assaults that make it of no further use. Replacement of these systems is not only costly, but also the downtime associated with such an event is high as well. Hardware damage insurance is crucial here

PCI Fines and Assessments

If you handle customer payment information, you’re subject to Payment Card Industry (PCI) standards. Failing to secure this data can lead to hefty fines and penalties. A cyber security insurance policy can shield you from these financial burdens.

Costs Associated with Breaches

Expenses arising from a breach of information can be huge — from notifying those affected to court fees. An insurance policy will help cover these costs and allow you to concentrate on recovery and rebuilding trust.

Regulatory Proceedings

Failing to comply by the terms of data protection laws can lead to an inspection and a penalty from the government. A cyber security insurance policy could cover those costs as well as provide support during regulatory proceedings.

You can contact your current insurance provider or a company like Hiscox to get a cyber security policy quote.

A Good Website Care Plan Acts as a Preventative Shield

In addition to having a Cyber Security Policy for your business, you want to make sure your website is being regularly looked after. Website care plans are your proactive defense against the countless threats your online presence faces. These are not plans that you sign up for only when problems arise. Website care plans monitor your website 24/7. So, they’re preventing those problems before they can have a negative impact. 

3 Real Benefits of a Robust Website Care Plan for Your Business

So, what are the real benefits of a robust website care plan for your business? Let’s look at three:

  • Software Updates: Maintaining your website software updates means that the software on your new website is able to stay ahead of the latest malware and other devious forms of security threats.
  • License Management: This makes sure that your website always has it’s software up-to-date with the latest and best security and features
  • Enhanced Security: The most advanced security measures your website can take to make it a tough to crack.

The moment you partner with a website care plan team is the moment that you realize that you are actually protecting your customers. Because ensuring that they have a seamless and secure experience with your business is the best way to protect the business.

Why Website Cyber Security Insurance Policy Matters & Care Plan Matters

The real question is not if you need a cyber security insurance policy and website care plan. Rather, it’s how fast can you put them in place? The Internet can be dangerous, but prepared with the right protective measures, you can navigate its hazards with confidence. 

care plans offered by JohnnyFlash

Whether you are considering adding these to your current services as an existing client or you are a new client looking to protect your business, now you understand the vital role these website security protective measures play in securing your website.

Take Action: Secure Your Online Presence Today

Are you losing sleep over the thought of ransomware, data breaches, and hefty regulatory fines? Choose a website care plan that ensures your website is secure and up-to-date, as well as functioning smoothly. With a cyber security insurance policy to protect your back and a committed team keeping a close eye on your website you’re free to do what you do best – run your business.

Don’t wait for an attack to make you appreciate the value of cyber protection. Contact us today about our Website Care Plans that help keep your website secure.

We focus on beautiful web design that delivers results for your organization. Our specialty is creating customized WordPress websites.

Effective websites require security, backups, updates and maintenance.

About Us

Johnny Flash Productions

Johnny Flash Productions is a creative agency based outside of Washington D.C. that focuses on digital strategy, web design and development, graphic design and event production that helps businesses get better results from their marketing.