Cyber Liability Insurance is specifically designed to address the risks that come with using modern technology. The level of cover your business needs is based on your individual operation and can vary depending on your range of exposure. It’s extremely important to work with a broker that can identify your areas of risk so a policy can be tailored to fit your unique situation.
As technology becomes increasingly important for successful business operations, the value of a strong Cyber Liability insurance policy will only continue to grow. The continued rise in the amount of information stored and transferred electronically has resulted in a remarkable increase in the potential exposures facing businesses.
Regulations, such as Data Protection Act, must also be considered because a loss of sensitive personal information may subject you to fines and sanctions from the Information Commissioner.
In an age where a stolen laptop or hacked account can instantly compromise the personal data of thousands of customers, or an ill-advised post on a social media site can be read by hundreds in a matter of minutes, protecting yourself from cyber liabilities is just as important as some of the more traditional exposures
A traditional commercial insurance policy is extremely unlikely to protect against most cyber exposures. Standard commercial policies are written to insure against injury or physical loss and will do little, if anything, to shield you from electronic damages and the associated costs they may incur. Exposures are vast, ranging from the content you put on your website to stored customer data. Awareness of the potential cyber exposures your company faces is essential to managing risk.
Possible exposures may include;
• Data Breaches
• Loss of Income
• Physical Loss or Damage
• Business/Network Interruption
• Intellectual Property Rights
• Third Party Losses
• System Failure
• Extortion & Ransom Payments