No one can deny the countless advantages technology has given businesses across the globe. However, it is also important to remember the risks that technology opens up for businesses. For example, an extremely competent cyber-criminal or distracted employee results in customer or corporate information exposure. In the wrong hands, this information could be abused, leading to ruin for the affected company. Cyber security insurance is a vital tool to protect your company from many of these liabilities that technology opens up. Here are five scenarios where cyber liability insurance could save the day.

Deep Freeze

A deep freeze is not a form of cyberattack, rather a human error committed by an employee. Deep freezes occur when a company’s website or network completely freezes due to a mistake. When a deep freeze occurs, customers will be unable to use the website to complete transactions. As a result, your company’s reputation will suffer, and you will lose tons of revenue in the process.

Large Scale Hack and Data Breach

The skill of hackers should never be understated. A skilled hacker could hack into your company’s network and have access for months. While in your network, the hacker could wreak havoc by stealing customer or employee information, stealing trade secrets, or freezing your network, holding it for ransom. Severe breaches like this could lead to class-action lawsuits, significant fines, and irreparable damage to your company’s reputation.

Ransomware Attacks

A ransomware attack occurs when criminal parties gain access to your company’s files and hold them for ransom. Then, they will either threaten to delete them or sell them to competitors or other outside parties. These attacks will inevitably cost your company time and resources.

Remote Thefts

There are numerous scenarios where a remote theft could take place. However, one of the most common is thefts via sales terminals. Thieves will illegally gain access to a store or restaurant’s sales terminal and use them to steal customer information. The affected company then has to go through the embarrassing process of notifying customers of their exposed data.

Privacy Breaches

Privacy breaches are a large category that contains incidents potentially caused by employees or an outside party. However, whatever the cause, a widespread privacy breach often has severe consequences for the affected company. On top of the damage the breach will cause to their reputation, the potential class-action lawsuits could be devastating.

Protecting your company from the numerous risks in today’s world should always be your top priority. Contact Arthur Blake Insurance in Plano and Dallas, Texas, today to speak to one of your agents about all of our commercial insurance offerings, including cyber liability insurance.

July 23, 2019 0 0

Cyber Liability

At Arthur Blake Insurance we recognize the unique technology challenges that business owners increasingly face—that’s why we have developed comprehensive Cyber Liability Insurance packages to help combat these threats.

Regardless of the size of a given business, many face some sort of faulty computer transaction and on average, at least one computer security breach per year. No business is safe from computer related vandalism; and oftentimes these problems generate significant financial losses.

Most security breaches have involved attempts by criminals to acquire sensitive company information, usually concerning their customers or employees—anything from Social Security information to Credit Card numbers. Common businesses that are targeted for such theft include:

Retailers
Restaurants
Banks
Hospitals
Universities
And more…

Even when the attempts are unsuccessful, the financial and human resource costs associated with handling cyber liability risks are staggering—precisely why you need a dependable, high-quality Cyber Liability Insurance package.

Typically, at Arthur Blake Insurance, our Cyber Liability Insurance policies cover such things as:

Copyright & Trademark Infringement
Unauthorized access
Introduction of viruses
And generally any activities involving business use of the Internet

When determining the exact level of Cyber Liability Insurance coverage you and your business enterprise needs, it’s important to consider the scope of your Internet activities, the range of risks that require coverage and the amount of the coverage deductibles or coinsurance. With the growing popularity and usability of social media, it’s important to also keep tabs on all social media exposures. The social media landscape plays host to many cyber liability risks.

Cyber liability exposures are extremely complex—exactly why you need an insurance professional who truly understands this area of commercial business. Contact Arthur Blake Insurance today for more information and a free Cyber Liability Insurance quote!

Five Scenarios Where Cyber Liability Protection Is Needed