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Expert: Businesses need cyber insurance

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According to a recent article by insurance professional Richard Montevidoni found in the Mercury, a newspaper serving the Pottstown, Pennsylvania, area, cyber attacks could debilitate a business, possibly causing it to fail.

Montevidoni said many people think they don't need cyber insurance if they have installed an antivirus software program, but they couldn't be more wrong. Antivirus software is still susceptible to security breaches, and professional liability insurance with cyberliability coverage can protect a business from the expensive costs associated with these types of cybercrime.

Advocating for cyber insurance, Montevidoni pointed out that more than 40 states have created laws to fight privacy breaches, security breaches on the rise across the world, networks are becoming more vulnerable and cyber insurance is a fall back in case other defenses fail.

According to Computerworld, Software-as-a-Service cloud platforms, advanced persistent threats and asymmetric risks were the top areas of concern during the recent Security Threats 2012 conference. The attention given these issues further underscores why businesses need to be protected with insurance.

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