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Most of us whether in business or not are more vulnerable on the Internet than we may realize. In the case of businesses, however, it's not just the company's information that is vulnerable, but also the personal information of all its trusting customers. Consider the breach of security to which retail giant Target fell victim in 2013: millions of the company's customers had their credit card numbers stolen. If Target is vulnerable, who isn't?
Taking all the precautions listed in our last post does not guarantee your Virginia business is completely safe in the cyber security world. With cyber security liability insurance, however, you and your business will be financially protected from claims that may result from a breach of your cyber security.
What is Cyber Security Liability Insurance?
Cyber Security Liability Insurance is designed to cover your company from a variety of potential incidents, including the loss of income due to the business interruption that may come form cyber security issues, and protection against mitigation that could come from stolen client data. For example, if one of your clients sues you because a third party has obtained his personal information, you will have coverage for damages. Other areas of coverage include:
- Loss of digital assets
- Cyber extortion
- Cyber terrorism
- Security event costs
- Customer notification expenses in the event that security has been breached
- Expenses associated with interruption to business
Does your business need Cyber Liability Insurance?
Watch the following video to learn more about cyber security risks and see if your business falls under these risk categories:
Call or contact Robins Insurance about adding cyber security insurance to your policy. In today's business climate, when anything and everything happens via the web, it's savvy to obtain as much protection as possible.