Ai Cyber Liability Insurance will protect your business against data losses caused by cyber-attacks, viruses, and lawsuits against your company.
Cyber Liability Insurance will protect your business against data losses caused by cyber-attacks, viruses, and lawsuits against your company. Hackers are constantly targeting new businesses as well as improving their methods to breakthrough cyber defenses. Every year there are huge data breaches. One of the most recent and significant was the cyber attack on the Equifax credit reporting agency. Nearly half the U.S. population’s personal information was stolen, such as Social Security numbers, birth dates and other private data.
It’s important to note that cyber liability insurance doesn’t only apply to professions such as IT consultants or software developers. One of the key features of cyber liability insurance is that it covers data breaches involving sensitive customer information. If you have client information stored electronically, cyber liability insurance is strongly recommended.
Even if you’re very careful with the computer or device on which the data is stored, it’s important to check to see if cyber liability coverage is something you need. The reality is that with sufficient time and motivation, any system is hackable. Furthermore, the fact that you have sensitive data stored on your system makes it a more likely target for criminal hackers looking for opportunities to commit identity theft.
Any organization that uses electronics on a daily basis for any of the following reasons:
It is important for most businesses to get Cyber Liability Insurance because your average Commercial General Liability Insurance excludes data and electronic damage or loss. Data is not tangible therefore any damage/loss will not be covered under a CGL policy.
As your E&O Expert, we will provide you with the Insurance you need, at a price that you can afford in a timely manner. Give us a call so that we can get one of our brokers working on this for you.