Imagine for a moment that your company has been breached, and all your customer’s personal information, including their names, videos, and payment information, is leaked out. Also, the hacker has disabled your website and hacked into your social media accounts, locking you out of every possible source of business.
That would be disastrous for the reputation of your videography business. In such a case, don’t you think Cyber Insurance would come in handy?
Cyber hacks have become an imminent threat. With the world shifting rapidly to a digital space, hackers are creating more opportunities to get into our data and files.
Insurance that protects you and your business in case of a cyber attack might seem like something only large companies would need. But cyber insurance for a videographer makes much more sense due to the sheer availability of content you are responsible for.
What is cyber insurance?
Cyber liability insurance is an insurance policy that protects a business against data breaches and other cyber security issues. Depending on your policy, it might also cover extortion threats, replacement or restoration of data, loss of business income, public relations expenses, computer and funds transfer fraud, social engineering, ransom payments, post breach remediation, hardware replacement costs, telecommunication fraud and legal costs linked to cyber threats within your business.
Cyber insurance for a videographer will help minimize the disruption caused to your services and deal with its aftermath. It would be the only thing holding your business afloat in case of a security breach.
Why do Videographers Need Cyber Insurance
Videography is one of the most exciting creative art forms. It is your everyday task to go on shoots, capture exceptional moments, and process them. Additionally, you need to play around with lenses, use various softwares for editing, store your files on the cloud and share them through social media platforms. All of these activities increase your liability exposure.
Here are the top five reasons every videographer should invest in cyber insurance.
- Protecting Your Equipment
With the advancement in technology, all of our digital spaces are interconnected. Your mobile phones are connected to your laptops, and so are your cameras. In such a scenario, if hackers can breach the security of one device, they will be able to access all your equipment and infect them with malware. You have undoubtedly invested a lot of hard-earned money into setting up your studio, and getting everything hacked might set you back financially. Cyber insurance can help cover the cost of fixing the software or the hardware components affected during the attack.
- Managing Your Risks
Unlike huge corporations, you probably do not have a risk management team that will analyze all the risks you can face while working with your clients and set aside policies to protect you from any trouble. Cyber insurance can perform a similar function and protect you from liabilities or legal actions. Cyber insurance also helps you protect your devices from getting attacked by ensuring that you have social media policies that reduce risk.
- Protecting Your Cloud Data
As a videographer, it is always convenient to store your client’s data on the cloud due to the large file sizes. In case your cloud company gets attacked by a hacker and your data gets leaked, you will be legally responsible for breaching your client’s trust. You cannot fully control how your cloud provider uses or secures your data, but your cyber insurance can. Your insurance will keep you safe and protect you against all liabilities of your cloud provider.
- Covering Your Financial Loss
Cyber insurance will not only protect you against any legal trouble but will also cover your financial losses. As a videographer, you are supposed to handle a lot of data, and getting a malware attack can add a threat to you and your client’s info, leading you to cancel your running projects. It can cost you thousands of dollars in losses. However, cyber insurance can help you cover such financial losses, including damage to your equipment, data loss, business interruption, and reputational damages.
- Affordable Premiums
With the growth of the cybersecurity industry, the cyber insurance premium you pay is relatively cheaper for the coverage it provides. Cyber insurance will keep you secure from destroyed software to payment information leaks.
What Cyber Insurance Does Not Cover?
Knowing what your insurance does not cover is just as important. It can help you tackle any liabilities your business can face during a cyber-attack. Most cyber insurance does not cover the following aspects.
- Willful violation by the insured videographer.
- Bodily injuries or property damage incurred as a result of a cyberattack.
- Prior claims that the previous cyber insurance company settled.
- Claims regarding the failure of infrastructure
- Theft or transfer of funds, money, or security, not mentioned in your cybercrime coverage.
Final thought
As a videographer, the risks of not having cyber security insurance significantly outweigh the costs associated with having the policy for your studio. It would be best to have an insurance policy to back you up if you encounter liability. Choosing the right cyber insurance policy is one of the most critical business decisions you will make as a videographer. It is vital to protect yourself, your clients, and your business.
Mindaro is working hard to address and support all the needs of a small business’ safety by partnering with top tier carriers, providing affordable, easy, flexible and understandable commercial insurance policies that will help protect your business from the major risks out there. We support only 100% digital underwriting, leaving pen, paper and redundant communications in the past, positioning our customers happiness as our top priority. For more information, please visit us at mindaro.io