Data is one of the most valuable things we wish to remain private. Let’s keep it that way
The millennium has brought on much advancement in society. Probably one of the most prominent ones is how far technology and cyberspace have come in the last decade. With all the benefits it brings, sometimes we forget that it’s not always going to guarantee the safety of all our data. Loss of information and privacy breaches are becoming a fact of life today, but more so for businesses. In this blog, we guide you through the different features of cyber liability insurance and why your business can be in jeopardy without it.
With cyber hacks and privacy breaches becoming one of the most common crimes today, keeping your information private and safe is increasingly becoming more difficult. As a business, you store a lot of data in regards to customer’s information. Credit card and personal information can become easily stolen if not protected in the right way. So how can businesses better manage the risks of a data breach? One option is to buy insurance for it. Cyber liability insurance coverage (CLIC) has been around for almost a decade, yet not many security professionals know it even exists.
So what is cyber liability insurance coverage? This type of insurance designed for consumer to provide a safeguard against certain expenses that emerge once you experience a data breach. The policies are intended to cover a variety of both liability and property losses that may result when a business engages in electronic activities, such as selling on the internet or collecting data within its internal electronic network. In both big and small businesses, it’s agreed that data is one of their most important assets. This coverage includes:
>Providing you with extensive coverage for data restoration and modification in case of a loss
>Business operations systems are not covered during their downtime by traditional business interruption insurance, leaving your system and all its data wide open. So CLIC will cover for loss of profits due to an attack or virus
>Gives you assurance that you won’t be held liable on any third party data. This data is extremely valuable, and can cost you a heavy amount in damage claims if there’s a breach in the system
>Protects against penalties if credit card data is lost
>Protects you from claims coming from leaked information, libelous assertions or copyright breaches. This includes all claims coming from social media platforms like Facebook, Twitter, Instagram, LinkedIn etc.
These are only a few benefits of having cyber liability insurance coverage. So why does your business need it? Business has entered a new dimension of security. If some of the largest, most sophisticated organizations experience security breaches, who says smaller businesses aren’t immune to it? Your business’s reputation is put at risk if any sort of breach occurs. Don’t let a lack of insurance coverage lose you loyal customers.
Getting the right broker is important. Consulting with a good experienced broker, will not only save you time, but will be able to sit down with you and determine what is best for your business. At Bedrock, we give you comprehensive and thorough quotes on everything you need to help you and your business thrive. Contact one of our brokers today, to experience Bedrocks solid coverage!
Contact us: 416-907-2130