Respect the Internet: Cyber Liability
Respect The Internet…
Respect the Internet!
Love it or Hate it, the Internet is here to stay. And with each moment it seems the Internet is further ingrained in both our personal and business life. The Internet has at the same time made our lives easier and opened us up to new dangers.
Twenty-first Century Businesses are under constant threat of Cyber Attack. Though all business industries are susceptible to a Cyber loss for the purposes of this article we will focus on the risk concerns for Professional trades such as Lawyers, Accountants, Real Estate Agents, Dentists, Doctors, etc.
Today’s Cyber Liability policy (there have been many iterations over the 10 year life of Cyber Liability), includes Network Liability as well as the following first party coverages, Privacy Liability, Regulatory Liability, and various expenses surrounding a security breach event.
This Insurance Journal article on Cyber Liability outlines further where exposures come from: including outsourced service providers for web hosting, credit card processing, call centers, document storage, and data warehousing.
Covered Events Include:
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Unauthorized access or use of a computer system,
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Theft or destruction of data,
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Hacker attacks against third parties,
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Denial of service attacks,
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Malicious code
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Privacy liability arising from a network security breach,
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Security breaches of personal information in any format, including non-electronic,
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Violations of state and federal privacy regulations (HIPAA)
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Security breach notification laws
Talk with your insurance professional in depth to make sure you understand what you are purchasing. This is NOT a homeowners policy, this is an Advanced Business Policy that demands discussion.
“If you’d like to talk about your Insurance Risk, contact me today. We can talk about your exposure, and begin our relationship!”
Thank you,
Ryan H.
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