Showing posts with label liabilities. Show all posts
Showing posts with label liabilities. Show all posts

Wednesday, December 6, 2017

Cyber Liability Insurance: Does my business need it?

Cyber Liability Insurance: Does my business need it?

A privacy breach can include the loss, theft or unauthorized access to or use of personal customer or employee information.

There is no doubt the world can be a scary and threatening place in which to do business. Cyber attacks are on the rise. Estimates show cybercriminals unleash 3.5 new threats targeting small and medium businesses every second.

Small businesses are now the target of 31 percent of all attacks, a three-fold increase from 2011. 

And 29 percent of small businesses have experienced a computer-based attack that affected their reputations, involved the theft of business information, resulted in the loss of customers, or experienced network and data center downtime.

Cyber-liability insurance is a must for businesses that have a corporate website and/or an e-commerce website. 

Generally, the risks you face are dependent upon the size of your business, the number of employees who use Internet technology, the extent, and dependency on e-commerce and the extent of international trading or coverage.

Cyber-liability insurance is intended to cover claims not covered by traditional insurance and specifically cover cyber-exposures (protections for information and technology related risks).

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