What is Cyber Liability Insurance?
There's an adage by IT security professionals use that says, "either you have been data breached or you just do not know that you have been data breached." Since over 72 percent of all data breaches occur in Small and Medium Businesses, the Advisors at William Blount & Associates want to ensure that our clients are aware of their potential risks and the options for coverage available. The typical business general liability insurance policy excludes web-related activities. This leaves businesses and customers unprotected against
breaches and the claims that would be a result of the breach. Just about every organization that has a website and maintains a database of client information has real exposures to business loss.
What does Cyber Liability insurance provide coverage for?
Cyber liability insurance is a specific type of policy that provides protection from a loss of customer or employee data from internet communication. Cyber Liability addresses the first and third party risks associated with e-business, the internet, networks, and informational assets.
Cyber Liability has protection for many different situations, such as:
|| Public Relations Expense
| First Party Coverages: Cyber Extortion, Email breach, Loss of Digital Assets, Non-Physical Business Interruption Expenses, Cyber Terrorism, "Hacking"
|| Third Party Coverages: Network Security and Privacy Liability, Employee Privacy Liability, and Electronic Media Liability
| Administrative or operational Mistakes
|| Invasion of Privacy, ex: HIPAA, State, Federal, and foreign violations
| Notification of Breach expense
|| Errors & Omissions in content
| Infringement of domain name, copyright, trademark, slogan, service mark on the internet or intranet
|| Introduction of Malicious Code/Viruses
Who needs Cyber Liability?
As a businessowner, you should look into Cyber Liability if you have a website, blog, message board, or sell products online. It's also very important if you use email with your business ventures or if you use online merchant services to process payments- like Paypal.
If you would like more information or get a quote for Cyber Liability insurance, please one of our Advisors!