|As we become more reliant on technology as a way to store and exchange data, cyber liability exposures become more of a financial risk. If your business keeps digital private records, you have a Cyber Liability exposure.While each Cyber Liability Policy is a little different, most provide coverages for the following:
When addressing your need for cyber liability, consider what type of sensitive information you store or exchange, and what type of security you have in place to protect this information from being compromised. Names, dates of birth, social security number,s and medical information are just some of the data that hackers are looking to steal.
Traditional property and general liability policies do not adequately address cyber exposure. We would recommend you obtain a quote for a Cyber Liability policy to know what the cost would be to transfer this risk to an insurance company, and then make the conscious decision to either purchase the policy or continue to self-insure the risk.