Over 70% of American companies endanger their financial stability by not having insurance that will cover Internet liability, according to the FBI Computer Crime and Security Survey (2009). The fact is almost all companies have some kind of network, database or online presence that puts it at risk for litigation.
The following are some common scenarios for which you can be held liable and that are typically not covered under traditional business insurance policies:
A lost or stolen company laptop results in theft of customer data.
You fail to follow federal or state regulations involving notification of customers whose personal data has been compromised.
You unknowingly pass along a virus or other type of malware to your clients.
Your employee slanders another company in a blog or social media site, or posts content on the company website that infringes on copyrighted material.
Ideal Insurance Agency can help you conduct a cyber risk assessment to identify your company’s risk profile so you can take appropriate actions to reduce those risks. We can also work with you to determine if cyber liability insurance is an appropriate option.
We will then tailor cyber liability insurance to meet your specific needs, be it network security, technology errors & omissions, or media and intellectual property protection. Coverage is affordable and available to both large and small businesses. You can estimate the cost of recovering from your data breach by using our data breach cost calculator.
Like it or not, the Internet with all its risks and rewards is here to stay. Make sure that you are navigating this new terrain safely.