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How to Use Cyber Insurance to Your Benefit

According to IT Business Edge, 50% of businesses listed cyber security as one of their top five    business risks. Cyber liability is the risk posed by conducting business over the Internet, over other networks, or using electronic storage technology. It covers third party losses from hackers, theft, and loss of information including sensitive client or individual personal information. According to the latest studies, firms with 50 or less employees are the most at risk, due to lack of controls and security.

Cyber Liability Risk Management

Thanks to Anderson Kill for providing some of this information. We recommend that every business should consider cyber liability insurance. As businesses consider protecting themselves against cyber-attacks, it is important that they get up to speed to build out their digital security plans. In the event of a claim, here are a few ways to maximize your coverage.

  1. Read your cyber liability policy. It is important you understand the coverage before the loss occurs.
  2. Select an independent agent like us to help you design a product that fits your needs.
  3. Have a plan in place to manage a data breach. If a breach occurs, there should be a clear protocol for which employee is managing the situation, and what action should be taken; such as informing the insurance company.
  4. Report the claim 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. Make sure you have coverage for notification and legal fees as part of your cyber liability policy.
  6. Ensure that your cyber insurance covers breaches arising from mobile devices.
  7. Try to find coverage that does not have contractual liability exclusions.

Coverage is affordable and available to both large and small businesses. We will tailor cyber liability insurance to meet your specific needs.