Specialty insurance coverage for Cyber Liability risks is relatively new but quickly growing field to the insurance marketplace. The possibility of cyber liability lawsuits is a reality that every business owner should consider.
Almost weekly we hear in the news about companies that have been hacked and their client’s data is stolen. Personal information, Credit card info, business trade secrets / loss of intellectual property, There have been several many high-profile personal information breaches that affected tens of millions of records and will cost the companies involved millions of dollars.
What type of data do you collect and store about other people or businesses?
Further, if you rely on an online presence and use e-commerce as a method of distribution or have employees who carry electronics that hold customers’ personal/commercial information, you are at even more risk.
Some of the Cyber Liability coverage available includes:
– Network Security and Privacy Breach
– Privacy Breach Expenses
– Privacy Regulatory Defense and Penalties
– Business Interruption Loss
– Digital Asset Loss
– Cyber Extortion Threat
“Collis” to discuss Cyber Liability exposures and protection available to your business.
Sources: Insurance Bureau of Canada