Cyber Liability InsuranceThese days, most would be hard-pressed to name a business or industry that does not rely on computers and mobile devices. From contractors, to engineers, to teachers, people in every industry use computers every day to buy and sell products, collaborate on projects, and develop relationships with contacts, managers, and customers. While online, people are vulnerable, and because of the risks associated with sending emails, visiting webpages, and downloading programs, business owners should make sure that their company is protected. They need commercial insurance coverage that includes cyber liability insurance in case of an internet-related claim against their organization.
Employees and business owners are increasingly using mobile devices and cloud computing, which can subject them to additional risks from cyber criminals. Many companies are expanding beyond their IT department to implement departmental, or business-wide modes of approaching online security concerns, and cyber risk management, such as routinely checking or encrypting employee emails, writing policies on internet and email use at work, and training workers on these procedures. Information security is a central issue for businesses, and an independent commercial insurance agent understands the potential risks that come from working in cyberspace.
Within a business, issues like lost or stolen data, infringement of intellectual property, social media abuses, and violation of privacy laws can lead to cyber liability exposure. Claims of defamation, libel, and loss of trade secrets can also stem from internet security issues. Having cyber insurance coverage can help businesses cover defense costs in case of litigation.
Some of the other issues you may want to reviewinclude things like a “malware counteroffensive,” in which malware detecting software is compromised by developers of malicious programs. Manipulation of search engine algorithms, co-opting of cloud-based infrastructures, and infection of smartphone devices by hackers are other cyber risks. We can guide business owners and officers in understanding how to adequately manage their business’ cyber liability risk by reviewing things like best practices in information security, and primary risks to a particular company based on its structure, computing practices, and data usage and storage techniques.
Let us explain how cyber liability insurance may cover claims for money, or non-monetary damages, and expenses resulting from business interruption. Also, some insurance companies offer coverage for damages to third parties harmed as a result of a network security breach, and that most policies have coverage for loss of digital assets, cyber extortion, expenses from a security event, and even cyber terrorism. You may also want coverage for network security and privacy liability, electronic media liability, and employee privacy liability, and also for operational or administrative mistakes as a cause of loss.
In case an employee sends an incriminating email or text, client records are lost when a cloud computing system crashes, or malware infects a business’ entire database, company owners may have to brace for a claim. With cyber liability insurance coverage you can rest assured that even in the event of litigation, your business’ assets can remain secure, operations can continue, and officers and employees can be covered.