Cyber liability coverage might seem like a confusing term. Wiseman Insurance has cut through the confusion to break down what this insurance is and how it is beneficial for you.
Here's a full transcript of the video.
Cyber Liability Coverage:
Or sometimes known as Cyber Security Insurance.
If this doesn't sound familiar don’t worry! You’re not alone.
Most people would put Cyber Liability Coverage in a category with things like flood or earthquake insurance which are usually outside of what your typical insurance policies are or possibly something you feel you wouldn’t need.
But given the importance of cell phones, computers and the internet in our lives and business today, Cyber Liability Insurance is probably one of THE most topical forms of insurance you could need.
So, what is it??
Simply stated, it’s protection for loss of data and information and Liability for potential damage that you may cause someone else….. Whether that’s your own data, or data that’s been entrusted to you.
Let's say you have some employees. If their personal information is taken from your company, there is a potential lawsuit, and definitely some regulatory actions that have to be taken! Maybe you have customers who have entrusted you with their information… And they have customers of their own! Now if you fall victim to a cyber-attack, the expense cost of handling something like that can be ridiculous!
Well, a Cyber Liability Policy can pay for that.
Whether you are a larger, well established company or just a small Mom and Pop shop, you use the technology for payments, customer and employee information and an infinite list of other things. Each connection you make puts that information at risk of a cyber-attack. The days of not needing technology for your business are gone and the risk of a cyber-attack increases every day.
Cyber Attacks may not destroy your business itself operationally, but it has a huge potential to create a very real crisis for your reputation and could very well destroy it if you don't manage it correctly! In addition, it is very expensive as far as notification costs, regulatory fines, and potential lawsuits.
So, what types of security breaches would Cyber Insurance Cover?
Cyber insurance could cover all sorts of security breaches. It can cover attacks from hackers, it will cover malware even if it was downloaded accidentally by an employee, it will cover ransomware for when hackers hold your information hostage, it will also cover the resulting damage caused by physical theft of cell phones and laptops. No one wants to fall victim to any of these things and I think you would agree with me that it is ALWAYS better to be safe than sorry.
When you are ready to take a step in the direction of safety and responsibility, please contact us now here at ISU Wiseman Insurance by calling (801) 377-3060 or by visiting us at WisemanInsurance.com.