technology Liability

In today’s digital world, cyber liability is a constantly evolving risk for businesses everywhere. Cyber liability insurance, also known as data breach coverage, used to be solely for information technology companies; now it applies to all industries.
Organizations that collect personal information (whether electronically or on paper) or provide company-issued mobile devices and laptops are at risk for cyber exposure. While every industry should consider cyber/technology liability insurance, some high-risk areas include retail, hospitality, educational and financial institutions, healthcare, public and governmental entities, law firms and payment processors.

Why Cyber/Technology Liability Insurance is Important

If and when there is:

  • unauthorized access or use of a company’s network;
  • denial of service attacks;
  • receipt or transmission of malicious codes (such as viruses, malware or spyware);
  • physical theft or loss of hardware (such as laptops, mobile devices or iPads);
  • unintentional release of confidential information belonging to customers, consumers and/or employees;
  • failure to protect, handle or store confidential information; and
  • failure to protect personal information due to ransomware.

Common Cyber/Technology Coverage Topics:

1: Offer to review and provide recommendations on IT practices.
2: Ask if there has been lost information, security breaches or cyber threats in the past.
3: Discuss the specific cyber risks that arise when employees work remotely.
4: Discuss the spike in ransomware claims and how to keep client information safe.
5: Ask if there is a plan in place for potential interruptions in business caused by a breach.
helpful information: