Cyber Liability Insurance

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The news is filled with stories of businesses that have been hacked and have had a data breach of their customers personal information

What would you do if that happened to your business?

That brings up the following 2 questions:

  • What is cyber risk insurance?
  • Do I really need this for my small business?

What exactly is cyber liability insurance?

First understand that cyber security insurance has many names it is known by:
  • cyber risk insurance
  • network security insurance
  • hackers insurance
  • e-commerce insurance
  • e-business insurance
  • information security insurance

Why do I need hackers insurance?

Here are a few examples of how cyber liability insurance can protect your business:

Here are just a few items to consider:

  • What would you do if you experienced a Data breach/privacy breach of your clients private information?
  • What if your website got hacked?
  • What if you were sued for not having the proper privacy and terms and conditions pages on your website?
  • What if you were sued for copyright infringement on your website?
  • What if your webmaster borrowed information that infringed on the intellectual property rights of others?
  • What would you do if you had a Virus cripple your computer network?
  • What if one of your employees left multimedia/Media defamatory remarks about your company or a clients company?
  • What if your Network security was breached?
  • What if you were bombarded with denial of service attacks?
  • What if your clients became victims of ID fraud because of a breach at your business?

Are we getting your attention yet?

What would happen to your business if any one of these things happened to your business? Now you can see why any business that has an on line presence or a computer system needs cyber insurance.

Isn't cyber insurance just for big companies?

Have you seen these names in the news regarding cyber attacks and data breaches?
  • IRS
  • Wendys
  • Time Warner Cable
  • Michaels
  • Neiman Marcus Group
  • Apple
  • Home Depot
  • Federal Reserve
Please don't think that since you have liability insurance already that you don't need this. You might be surprised to learn that general liability insurance policies normally exclude cyber liability and that means you are not covered. PLUS think about this: If the US government can't keep hackers out of the IRS, or, if BILLION dollar corporations like Apple aren't hack proof, then think of how easy it could be to breach your company data.