With the ever increasing threat of a data breach, Cyber Liability Insurance is no longer a luxury, but an integral part of your daily business. Cyber liability insurance can protect your business from threats such as hackers, lost or stolen laptops, business interruption, and a host of other threats that can leave a lasting impact on your business. It’s important to learn what threats you are facing and how to mitigate that risk.
Who Needs It?
Cyber liability coverage can be important for any company or business that uses electronic equipment to conduct its operations. You may need this coverage if you do one or more of the following:
- Communicate with customers via email, text messages or social media
- Send or receive documents electronically
- Advertise via electronic media, such as a website or social media
- Sell products or services through a company website
- Store your company’s data on a computer network. Examples of company data are sales projections, accounting records, tax documents, client lists, trade secrets and other confidential data.
- Store data that belongs to others (such as employees or customers) on a computer network. This data may include customer names and addresses, customers’ credit card numbers, employees’ birth dates and social security numbers, and other sensitive information.
What does Cyber Liability Insurance Cover?
Cyber policies cover a business’ liability for a data breach in which customers’ personal information, such as credit card numbers or addresses and personal information, is exposed or stolen by a hacker or other criminal who has gained access to a business’ electronic network. This may entail a variety of expenses associated with data breaches, including: notification costs, credit monitoring, costs to defend claims by regulators, fines and penalties, and loss resulting from identity theft.
If Cyber Liability Insurance is of interest to you, or should you wish to discuss this further, please complete the proposal form via this link, select the coverage section/sections you require, and email through to email@example.com
Should you require any further details please contact our office on (03) 9642 4622.