Modern businesses deal with modern risk exposures. Many of these risks have been uninsurable until recently. A good example of this is Cyber Liability Coverage. Many modern businesses rely on electronic data, computers and networks to support critical operations and better serve customers. To determine if you are at risk of someone breaching this system and causing a loss to a third-party, you need to ask yourself several questions: do you store data (including private information on computers), use e-mail, generate revenue online, or do you use your network to control production, manufacturing, inventory or a supply chain?
Today we have insurance companies offering coverage for third-party claims related to privacy injury, identity theft and network damage. This coverage provides, among other things, protection against unauthorized disclosure of others private information due to a network security breach, provides for costs of notifying others of a breach; for costs to comply with privacy regulations, cost due to damage to information residing on your network (whether yours or someone else's), for costs of your network interruption, and more.
In today's modern world a business owner needs to assess risk that didn't exist 20 years ago. Cyber claims are one of these areas. If you feel you are at risk of a Cyber claim, we now have insurance companies stepping forward, at very reasonable costs, to provide protection against these exposures. Please feel free to contact me for further clarification or if you would like to explore this protection for your organization.