There is virtually no business today that does not utilize computers and data networks in some way. Cyber system reliance for businesses has only grown with the continued effects of the COVID-19 pandemic and will continue to grow long after the pandemic is over. This is a very good sign, however, because an abundance of new technology will always help businesses improve their processes.
Still, as cyber reliance grows, so to do cyber-related liabilities. No data system is 100% secure, and at all times, systems are vulnerable to destruction, theft or loss. And try as you might to avoid these problems, you simply cannot prevent every instance of data loss or cyber theft. It’s at this point that you need to turn to your commercial insurance benefits for assistance, and a specific type of coverage called cyber liability insurance will be there to assist you.
Understanding Cyber Liability Insurance
Consider some of the sensitive information that you might store on computer networks:
- HR records and employee information.
- Customer information (names, addresses, birth dates, social security numbers).
- Tax information.
- Credit card or bank information of clients and the business.
If this or any other type of data were to fall into the wrong hands, a significant problem might arise. And even though you might think that you have strong network security, cyber thieves are coming up with new methods of attack every day. Your business must be ready for anything, and it’s cyber liability insurance that can provide the solution.