As businesses gradually increase reliance on the electronic storage of sensitive company and consumer information, risks to cyber safety also upsurge. As cyber risk awareness rises, the need for a business to have cyber insurance becomes all the more vital. No two companies are the same. Therefore, Cyber Liability in Hawley PA needs to include a policy tailored to meet specific needs of the business.
Importance of Awareness and Management of Cyber Risks
Cybercriminals seek to gain an advantage of some sort. They may steal information to later monetize it, like health records or credit card numbers or they can take actual money from a company. Some cyber risks include:
- A hacker causing a network to shut down
- Damage to records by a hacker
- Identity theft that comes as a result of security breaches in which personal information was either inadvertently disclosed or stolen
- Exposure of systems to malware or viruses
Four Basic Components to Cover
Buying insurance can help businesses better regulate cyber risks and significantly lower the costs associated with data breaches. Nepainsurance.com has valuable information that may help to deepen your understanding of risk management and Cyber Liability in Hawley PA.
Cyber liability insurance covers four essential components:
Privacy:
- Should social security numbers, account PIN numbers or other private information get stolen or disclosed to external entities, privacy crisis management may help to cover expenses related to notification of the breach, legal costs, fines or investigation, among other incidentals associated with violations of privacy.
Media Liability:
- This includes slander, copyright or trademark infringement, libel or intellectual property infringement which may make up advertising injuries.
Errors and Omissions:
- Claims of E & O typically respond to a deficiency in how a business performs a service which could include consulting or technology services.
- Network Security: This is probably the most significant of the four liability components along with privacy because if network security fails, a company can become vulnerable to viruses, data breaches, and the destruction of data.
A Policy Should Be Unique to a Business
An insurance company like Olsommer-Clarke Insurance may be able to qualitatively customize a company’s policy by looking at such factors as the type of business, company size, Internet presence, and kinds of data stored and collected from consumers, among other factors which make up a business’ risk culture. Contact us today to receive your free customized insurance quote.
