As technology becomes increasingly important in the success of any organization, the value of a strong cyber liability insurance policy will only continue to grow. The continued rise in the amount of information stored and transferred electronically has resulted in a remarkable increase in the potential exposures facing businesses. In an age where a stolen laptop or hacked account can instantly compromise the personal data of thousands of customers, or an ill-advised post on a social media site can be read by hundreds in a matter of minutes, protecting yourself from cyber liability is just as important as some of the more traditional exposures businesses account for in their commercial general liability (CGL) policies.
Whereas CGL, commercial property and commercial theft policies can cover damage to your tangible property, none of these will provide coverage for loss of data, which is considered intangible. Intangible property values often far outweigh tangible property, making cyber liability coverage a no-brainer if you maintain a strong online presence or handle a customer’s private information.
The six possible exposures covered by a typical cyber liability policy may include the following:
- Data Breaches
- Intellectual Property Rights
- Damages to a third-party system
- System Failure
- Cyber Extortion
- Business Interruption
New technological exposures continue to emerge. As your business grows, make sure your cyber liability coverage grows with it. That’s where we can help.