We now live in an era where we all depend on the internet almost every second of the day. Our businesses have been fully or partially automated, giving us control even if we are thousands of kilometers away from our physical offices.
Despite all of the good the internet has done to how we conduct business and live, it has opened us to a new dimension of risk. Between January 2005 to May 2020, there have been close to 12,000 recorded cases of breaches.
You’ll agree that cybersecurity issues have become a daily struggle for businesses globally. This is why companies have to start giving a thought to an extra layer of coverage through Cyber Liability Insurance coverage.
With its origins in Errors and Omissions Liability insurance, Cyber Liability Insurance is relatively novel and emerging. It’s a coverage that reduces the financial risks that stem from data breaches, hacking, and all other forms of cyber attacks.
The intent is to help minimize the negative impact that any compromise, loss, or theft of electronic data could have on a business. Cybersecurity Liability Coverage caters for the following;
There’s hardly any business that doesn’t need cyber insurance coverage. Any business that stores sensitive customer, partner, or client information; and supports online financial transactions require cyber liability coverage.
Morever, the misconception that cyber attacks are only targeted at Forbes 100 businesses is far from the truth. The attacks on small businesses are on the rise. Fundera reported that 43% of cybersecurity attacks are targeted at Small and Medium Businesses.
In reality, regardless of the size, the number of employees, or financial base, all businesses are vulnerable.
There are five key areas you need to consider before determining your cybersecurity insurance coverage;
While cyber liability insurance is still much of uncharted terrain, you should remember that you are leaving yourself exposed on many fronts.
You need to prioritize your information asset and play your cards right. We are here to help you get the correct information. Just ask away.