Banks and financial institutions are not the only one who need to think about Cyber Liability Insurance. Insurance agencies, insurance companies, accounting firms, mortgage companies, tax consultants, doctors offices, dental offices, and anyone else who gathers personal information from their clientele are just a few of the numerous businesses that need to consider this coverage. Why do you ask?
Criminals have become very sophisticated at hacking into the most protected of systems and breaching many of the “full proof” precautions put in place by experienced IT professionals claiming that their software can fend off any security breach. However, everyday, we hear reports of huge companies suffering such losses and having to offer credit monitoring to all their customers to say nothing of the loss to their reputation for having been the recipient of such a breach.
What about professionals who carry their laptops with them and wind up leaving them on planes, trains, boats? What about all the information contained on such devices? Anyone can just break in to the computer and find out anything they want to know about someone and steal their identity.
In a time of rising layoffs, sensitive information stored on computers is at risk from employees who, fearing loss of their job, want to get back at their employers by stealing sensitive information stored on the computer.
All of us know the guy or gal in the office who likes to gamble. When they run out of funds, the information stored in the office computer can assist them in continuing with their addiction.
Cyber Liability Insurance is a comprehensive coverage which can cover many of the exposures attributable to the losses described above. Some of the provisions found in a comprehensive Cyber Liability policy are: Network Security, Data Breach, Media Content, Crisis Management, Credit Monitoring, Regulatory Notification, Privacy Liability, Business Income, and Privacy Notification Expense, to name but a few.
If you have a website you definitely need this coverage and if you store any personal information at all on your computer system or in a cloud, Cyber coverage is not a luxury it is a necessity! When in doubt check it out, call us for a consultation regarding your risk of suffering a Cyber loss.
- Karen Skoler, CPCU