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What is Cyber Liability Insurance?
Businesses face countless threats every day, and with our dependence on the internet, cyber threats are a constant. That is why cyber liability insurance is vital for nearly every business. However, as a relativity new concept, many people do not understand why they need cyber security insurance or even what it is. Therefore, to understand why cyber liability insurance is essential, business owners first need to understand cyber liability. What is Cyber Liability? In this context, a liability is anything that’s presence or function puts a business or its customers at risk. Due to our increased reliance on computers and the internet, technology has become a liability for many companies. Any business that relies on the internet to connect with customers, store data, or perform other business functions runs the risk of being victimized by cybercrime or accident. A data breach or similar cybercrimes could lead a business to ruin. Companies can lose the trust of their customers and face legal actions for their irresponsibility, all because they failed to protect customer data. In America, 55% of small businesses have experienced a data breach. Unfortunately, cyber-criminals smell blood in the water and have set their sights on small businesses. So,... Read more