Cyber Liability Insurance: Why Backing Up Your Data is Important

A business can continue to function without any critical data or applications for its operations. Recovering the lost data takes time and money. The whole restoration process is one thing you wouldn’t want for your business. Today, let’s talk about why Cyber Liability Insurance is crucial for any business.


Wondering if data backup can be a good insurance policy?

Today’s business faces threats from all sides. There are data breaches, cyber-attacks, viruses, and natural disasters big and small. 

During the loss of data, it makes it difficult to try to protect your business. Remember, your business needs to be efficient enough to provide the best service to its customers.

Considering backup data today can prevent business data loss in the future. And it can save your business as well.

Today, I’ll talk about some points to consider data backup as the new business insurance policy. Here are five aspects of data backup for your business to consider.

Why Your Business Need to Consider Data Backup

It’s a fact that every business is susceptible to an IT disaster. Too many businesses are ill-prepared for when an IT disaster strikes.

These are just some of the reasons why having your data backed up is important. Now let’s see what benefits data backup can really give to businesses.

Benefits of Data Backup for Insurers

How do insurers benefit from backing up?

Data backup can help save money and protect business-critical data more efficiently and effectively.  Other benefits include:

  • Eliminates upfront costs for new backup hardware purchases.
  • Reduce risks associated with media loss or theft.
  • Cut the cost of physical media pickup and storage.
  • Offer business continuity benefits through redundant, offsite storage.

Most backup systems include software that resides in the customer’s data center and performs backups on a predefined schedule. Making work convenient.

Back up Your Company’s Data

Insurance policies exist to protect companies against monetary losses from a data failure. No amount of money can recover multiple years’ worth of work.

Your chosen partner must consider every aspect of your data backup as an essential tool to your company’s business.

Know that having a backup plan means:

  • It can eliminate upfront costs for new backup hardware purchases, 
  • Reduce risks associated with media loss or theft, 
  • Cut the cost of physical media pickup and storage, and 
  • Offer business continuity benefits through redundant, offsite storage.

Redundancy, Accessibility, and Speed

Two is better than one, three is icing on the cake. The same applies to backing up your data.

Redundancy means having multiple copies of your backup data. Most businesses use different ways of keeping their backup files. 

Storing the data in an external hard drive is the most common way of keeping the backup files. Others consider using cloud storage or NAS (Network Attached Storage) devices.

When backing up offline, storing the data in an external hard drive is advisable. This process allows you to access the data immediately in case things go wrong.

Your Customers Want Access 24/7/365

Almost all consumers want to access the information or data they need whenever or wherever they are. Making your data available 24/7 is a huge convenience to your customers. 

But what if something happens to your system? 

Failing to fix the damages to your system as quickly as possible will result in bad impressions. With that said, you must ensure that your customers can access their data any time of the day.

Having a backup and recovery plan will ensure a fast recovery after an unexpected IT disaster. The faster your business recovers, the happier your clients will be.

Take a look at these benefits of having a data backup and recovery plan:

  • Data access 24 x 7 x 365 to all data.
  • A quick restore with accidentally deleted files. 
  • Recovery from failed software updates, and recover from virtual machines & physical servers.
  • Enable to access to lost or corrupt data issues in minutes.
  • Supports digital transformation to virtualization technologies.
  • Facilitates comprehensive data recovery plans.

Machines & Hardware Fail

No business is immune from the risk of losing access to their data and applications. Putting our reliance on our technology is not perfect and is still bound to have errors.

Secure your data by eliminating any interruptions in case of IT failures. You can safeguard your data with the help of a data backup. 

You don’t hold control of anything, and once your machine fails all else will. Backing up is really the only way you can be sure that a hardware failure will not interrupt your service or cause data loss. 

What is Cyber Liability Insurance, Anyway

Cyber risk affects many types of organizations, from multinational corporations to small-town stores that rely on technology to conduct business. The challenges that businesses confront are becoming more complex and sophisticated as technology advances. 

This is why, in order to manage and minimize cyber risk, every business and organization must have both cyber liability insurance and an effective cyber security plan in place. 

Cyber liability insurance is a type of insurance that offers businesses a variety of coverage options to help protect them from data breaches and other cyber security risks. It’s not a matter of if, but of when your organization will be breached.

It’s important, now and ever, to ensure that your business operates well in all under certain circumstances. At Harbor Insurance, we have an array of business insurance options that you can choose from — including cyber liability insurance.

At Harbor Insurance, we help you protect your data, so your business can thrive. 

Final Thoughts 

Now is it really vital to get cyber liability insurance for your business? Backup solutions may be a bit confusing on the side of things. By safeguarding your data, your business is prepared for the worst-case scenario from hackers and even from natural disasters.

Remember, no business is immune from the risk of losing access to their data and applications. Make sure that you choose to partner with an agency that only has visions to give you the best solutions. 

If you’d like to learn more about our cyber liability insurance, secure an appointment!


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