How Cyber Insurance Can Save Retailers Money

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26 Mar 2024

Is Retail Risky?

Like all industries, retailers have their own set of risks. As the industry transitions from brick-and-mortar to more predominantly online shopping and e-commerce, the risks have simply taken a different shape.

With online shopping at the fingertips of anyone with internet access, cybercriminals have a new favorite target. Not only are significant amounts of financial and personal information shared during the online shopping process but there is also a sizable threat of ransomware attacks.

Additionally, for retail companies that have physical locations, it’s not uncommon to have various stores utilizing a centralized IT system. In this case, hackers may target the overall IT network to cause a business shutdown.

Furthermore, with the massive amount of marketing material the average consumer receives, cybercriminals have seized the opportunity to create phishing scams. As these attacks become increasingly sophisticated, it gets more difficult to determine authenticity. 

Cyber Insurance Saving You Money

With all the above cyber risks looming, it’s crucial to have a solid cyber insurance plan

If, for instance, your retail business stops operating because its IT systems have been compromised, your cyber insurance policy will help cover the costs of lost revenue and wages due to the business interruption. 

Also, in the event that customers or employees bring claims against your business after personal information is compromised, your cyber insurance will aid in any legal matters. Without a thorough insurance policy, data breaches and cyber attacks can become lengthy and costly battles.

Retailers Rely on Cybersecurity

As technology evolves, the retail industry will increasingly rely on excellent cybersecurity practices and cyber insurance policies.

If you have questions about cyber insurance or are interested in getting a policy quote, please contact Steve Longenecker (303-808-9351 x2) at Mountain Insurance: Longmont.

We give out $25 gift cards for referrals that become our insurance clients.

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