Fake news has been around for some time. We have all been fooled by headlines and news reports that turn out to be fake. Fake news is defined as a completely made up story designed to manipulate the readers and to attract attention and advertising revenue.
William Atak, CEO of SafeOnNet, an insurer specializing in online reputational risk, said the potential for reputational harm increased significantly in recent years. Along with it, the potential for millions in lost profits. “Fake news has always existed. Only now, the perpetrators have the tools and knowledge to create stories at just the right moment and exploit social media and its algorithms,” he said.
Can fake news hurt your business?
Fake news has the potential to harm your businesses reputation, and even cause you to shut down. Here is a link to an article about how fake news affects business. Link to article
There is a solution to this growing issue, and that is reputation insurance. There is no question that a great deal of your firms’ value is derived directly from your reputation. This kind of insurance reimburses the company for the cost of crisis management expert fees up to a set amount, usually between $50,000 and $200,000.
US Select Insurance is an Independent Insurance Agency specializing in writing a complete range of insurance products from Business/Commercial to Personal. Our staff is committed to providing unsurpassed customer service, excellent products, and affordable premiums to our clients.