Cyber Liability…A Growing Concern for Businesses

why be concerned?

what is Cyber Liability insurance?

Cyber Liability protection addresses the first- and third-party risks associated with e-business, the Internet, networks and informational assets. The category of Cyber Liability includes security breaches; data theft; virus transmission; privacy issues; copyright, trademark and intellectual property infringement; libel or any other issues that first parties can pass to third parties via the Internet. Some of the types of claims that may occur include:

• Accidental release of confidential customer information
• Spreading a virus into a customer’s computer system
• Theft of customer’s credit card or banking account numbers
• Derogatory comments made online about a competitor by an employee
• Denial of service attack hacking
• Electronic data extortion or destruction
• Unapproved use of another site’s content in web development by a Webmaster

While the exposures outlined above are not all inclusive, and no policy covers every risk, Cyber Liability insurance is of growing importance if any of the above situations applies to your business. Contact us for more information.