4 Factors of Cyber Liability

You juggle many responsibilities when you run an Applied Behavior Analysis (ABA) business. Likewise, you balance clients’ health and safety while managing a team of ABA therapists and running the business’s day-to-day operations. You must also protect your client’s confidential information, including medical records and other personal data. Cyber liability insurance coverage should be a priority for any ABA business.

Four Things About Cyber Liability for ABA Businesses to Know

Here are four factors of cyber liability that ABA businesses need to consider:

Data and Identity Recovery

There are a multitude of ways that cybercriminals can gain access to confidential client information. They may phish for login credentials or send malware in emails or attachments. Regardless of the method used, if a criminal succeeds in stealing client data, they can wreak havoc on your business.

Data and identity recovery expenses are one of the most significant factors of cyber liability that ABA businesses need to consider. When you obtain cyber liability insurance, this coverage can help reimburse some of the costs related to restoring your clients’ identities and recovering their data if it’s lost or stolen.

Lost Income Due to a Cyber Liability Incident

When you run an ABA business, you rely on technology. It can assist you with many daily tasks, from scheduling appointments to billing and payment processing. When a cyber-attack occurs, it can create delays in your business operations and cause an interruption in income.

It can be devastating if your business comes to a halt due to a cybersecurity incident. It is why lost income due to a cybersecurity incident is a factor that ABA businesses need to consider when obtaining cyber liability insurance coverage. With the right insurance coverage, an ABA business can recover these costs and return to business as usual.

Public Relations Costs to Restore Brand Reputation

Your ABA business’ reputation is everything. You work extremely hard to build trust with your clients, and a cybersecurity incident can quickly undermine that trust. When a data breach occurs, it’s not only the stolen data that causes problems. You must also deal with the fallout of bad press and negative publicity.

ABA businesses need to add public relations costs to their list of factors of cyber liability. This coverage can help with costs related to restoring your brand’s reputation and regaining the trust of your clients.

Cost for Repairing Damaged Computer Systems and Additional Hardware

If your ABA business’s computer systems become infected with malware or are hacked by cybercriminals, extensive damage can occur. It can take your business plenty of time and money to replace damaged hardware or bring IT professionals to repair the systems.

ABA businesses must consider the cost of repairing and replacing damaged computer systems and additional hardware as a factor of cyber liability. This coverage can reimburse costs related to restoring your computer systems and keeping your hardware up-to-date and secure.

In Conclusion

Cyber liability insurance coverage is essential for ABA businesses. When considering cyber liability insurance coverage, ABA businesses must look beyond the policy and understand the exclusion language. It will prevent them from running into any surprises.

By understanding the four factors of cyber liability, ABA businesses can take proactive steps to protect their clients’ confidential information, minimize business losses, and prevent harm to their reputations. With the right cyber liability insurance coverage, ABA businesses can focus on providing exceptional care to their clients.

About Olson Duncan Insurance

At Olson Duncan Insurance, we look to provide clients with a total solution, not simply a quote of an insurance contract. Our goal is to provide real value and build a long-term relationship based on trust. This is understood by the fact that we provide our applied behavioral analysis clients with industry-specific insurance and risk management services, including BCBA liability insurance, workers’ compensation, group health benefits, and anything necessary to protect your valuable work. We would love to get to know you and answer any questions. To find out more about how we can help you, or if you would like a quote, please call Daniel and our team at (310) 373-6441.