Cyber Insurance Can Benefit Your Business
Cyber liability is the risk that every business faces today. You do not have to be a technology company to have a cyber liability risk. According to the latest studies by insurance experts, firms with 50 or fewer employees are the most at risk of having a loss, due to lack of controls and security. In fact, your business has a greater chance of having a cyber loss than it does of having a fire.
Cyber Liability Risk Management
1. Read your cyber liability policy, so you understand the coverage. It is important you understand the cyber risk coverage and how it works before the loss occurs.
2. Select an independent agent like our agency, to help you design a product that fits your needs, including deductibles levels.
3. Develop a cyber breach policy to help manage a data breach. Once a breach occurs, there should be a clear procedure for employees to follow. This would include notifying clients and vendors.
4. Report the claim as soon as possible to your cyber liability insurer. It might also be a good idea to submit a claim to your other commercial liability insurers as well.
5. Protect client’s information should be your first priory. Make sure you have the right coverage for notification and any legal fees as part of your cyber liability policy.
6. Your cyber insurance should also cover breaches arising from mobile devices.
7. Look for coverage that does not have contractual liability exclusions.
Thanks to Anderson Kill for providing some of this information.