Nearly every business in the world uses computers, and most use them for nearly everything. From book keeping to payroll, to storing files. There is a huge amount of important information stored on computers, and protecting that information has become a difficult thing. Hacking has increased each year and as the frequency has increased, the amount of high profile hacks have as well. It is easy for an experienced hacker to send an email that requests a money transfer, and then your business is out a large amount of money. Or they can break into a database and steal customer information. Security experts say that pretty much any size business will experience a data breach at some point.
Cyber Liability Insurance
This is a policy that has become incredibly important. It is something that will need to be added, and it covers liability such as privacy issues, intellectual property infringement, money scams, etc. If someone hacks into your system and then uses it to steal money from a client, you could be responsible for the entire amount and more. However, Cyber Liability Insurance may protect you from this.
Who needs it?
Anyone that has a website or interacts with customers should have this Cyber Insurance as part of their commercial insurance policy. If you have an online store, and customers trust you with their information, then you should also have this same insurance.
What does it cover?
This type of insurance does cover many parts of your business and many scenarios. If you lose sales because of a business interruption, this could be covered.
I have business liability insurance, am I covered?
No, you are not. The normal liability insurance that every business has does not cover cyber-related liabilities. If you are unsure of what your insurance covers, set up an appointment with your insurance agent to make sure you are protected from all possible liabilities.