One of the biggest stories of 2017 has been the cyber-attacks that have hit 74 countries bringing business activities to a halt. Also think back to 2013 when Target was infiltrated and card information for more than 70 million people was at risk.
Luckily, Target had over $100 million of cyber liability insurance because the nightmare could have been worse.
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. 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 liability is just as important as some of the more traditional exposures businesses account for in their general commercial liability policies.
Commercial property and commercial theft policies can cover damage to your tangible property, none of these will provide coverage for loss of data, which is considered intangible. Intangible property values often far outweigh tangible property, making cyber liability coverage a no-brainer if you maintain a strong online presence or handle a customer’s private information.
A typical cyber liability policy can help protect you from costs associated with a data breach, copyright or trademark infringement, data loss due to natural disasters or hacking and business interruption.
Cyber liability insurance is specifically designed to address the risks that come with using modern technology; risks that other types of business liability coverage simply won’t. The level of coverage your business needs is based on your individual operations and can vary depending on your range of exposure.
As reliance on technology continues to increase, new exposures continue to emerge. As your business grows, make sure your cyber liability coverage grows with it. Branch Benefits Consultants is here to help you analyze your needs and make the right coverage decisions to protect your operations from unnecessary risk. Contact us @ 702.646.2082 or firstname.lastname@example.org for a customized consultation.