Cyber Liability Insurance from InsuringTech.com
The advanced computer networks available do amazing things for businesses today. Unfortunately, they also create vulnerabilities that make cyber liability insurance vital. Internal networks that link computers or branch offices enable businesses to have global presences. Email and the internet allow suppliers, consumers, and service providers to communicate with each other, and even vend goods. While computer networks have transformed business for the better, they also open up new avenues of risk that many companies are not prepared for. Whether your business has a website or not, you likely need cyber insurance to protect you from the multitude of problems associated with modern business.
Traditional vs. Cyber Liability
Simply put, cyber liability, also known as internet liability insurance, deals with the first- and third-party risks produced by internal and external networks, e-business, and the internet. Traditional liability products do not cover the variety of problems that can spring from modern technological business assets. Cyber insurance protects you if your files are hacked or stolen, if information you’ve published online is found to be objectionable, if you come under fire for intellectual property issues, if a rogue employee posts something in a public forum that can make you liable for slander, or if consumer information is compromised. The transmission of viruses and all manner of other cyber-related problems are absent from traditional liability policies. As a result, a very high percentage of businesses are unprepared for the risks posed by their daily operations.
Why You Need Cyber Insurance
According to the 2009 CSI/FBI Computer Crime and Security Survey, over 70% of American companies jeopardize their fiscal stability by not having cyber insurance. Just because other companies aren’t covering themselves doesn’t mean you should be negligent in purchasing cyber risk insurance. Publishing information on your corporate site can put you at risk for libel, privacy concerns, virus-related problems, and IPR conflicts. Cyber insurance can also protect you from problematic content on other sites, such as a slanderous post by an employee on social media, a forum, or even in an email. Cyber liability insurance even comes into play when networks are not involved – loss or theft of company products like laptops can also result in theft cases, or even extortion. If your networks are compromised you can no longer keep this fact private, state law requires companies in most states to report security breaches to customers. If you’re not covered, the resulting business problems can be catastrophic.
Protect your business with cyber liability insurance: contact InsuringTech.com today for a quote!