Cyber Liability Insurance
We Live In An Online World
The way we conduct business in our global economy has evolved for enterprises small and large alike. Online advancements have made access to information, money, and customers achievable at rates faster than ever before for those businesses savvy enough to deploy technology in the best way for their brand, product, or service.With great reward comes great risk, as the saying goes, and this is certainly evident in the field of cyber security which possesses a significant liability concern to today’s business owner.
The Cyber Security Threat
According to Fox News, 43% of cyber attacks in 2015 were against small businesses. The Department of Justice Crime Complaint Center cites an increase in cyber security complaints of 1,500% between 2000 and 2014. Further, Forbes has reported that the annual cost of data breaches to business owners will reach $2.1 trillion globally by 2019. The potential threat of cyber security risks is not to be under-estimated as the resulting impact to a business can be both long-term and substantial.
Protect Yourself With Cyber Liability Insurance
Cyber Liability Insurance is a unique insurance product that offers extended protection for cyber related security, data destruction, theft, hacking, and other Internet-related liabilities. Cyber Liability Insurance policies include protection for both the business itself and for claims brought by customers in the face of an online threat or data breach. Cyber threats are not traditionally covered by other insurance policies, making the addition of Cyber Liability Insurance a particularly sound judgement call for businesses of all sizes which rely on the Internet and online data storage as part of their standard daily operating procedures.
Additionally, Cyber Liability Insurance may provide, depending upon the policy, an extra level of Internet-based security services which could include security audits, public relations support in the face of a cyber-security breach, or reimbursement of expenses incurred due to a cyber threat – all of which lend a greater level of protection normally not available to more modestly-sized companies.
Cyber Liability Insurance is a specialized insurance product and should be evaluated by a business owner in partnership with an insurance agent with the expertise to make the right recommendations based on the business’ exposure and perceived liability in Internet-based technologies.