cyber liability insurance graphicWe live in a digital world, where electronic data and information are of extreme value and importance. Virtually every existing business or firm stores and sends digital data information in one way or another. In the event of a cybersecurity attack, the most commonly targeted data includes sensitive information concerning internal business affairs and customer profiles.

Whether it be valuable corporate data or raw customer information, the entirety of your digital portfolio must be protected and insured. Because of its inherent value, stolen, misplaced, or comprised digital data is extremely costly to restore.

At Arthur Blake Insurance, we understand the unique array of evolving cybersecurity threats that continue to affect businesses of all kinds. Our unique variety of extensive Cyber Liability Insurance packages will serve to better protect your business and customers.

If you or your business have never experienced a security breach or hacking incident, you may ask yourself how often cybersecurity attacks occur? Not to mention what kind of information is most valuable?

Who Needs Cyber Liability Insurance?

No matter the size or influence of your business, cybersecurity threats are the same across the board. No business is immune from computer-related vandalism, fraud, or theft.  Any given business can face innumerable faulty computer transactions and security breaches every year.

The majority of the time, hackers aim to acquire sensitive company information, which usually concerns customers and/or employees—anything from Social Security information to credit card numbers. The most common businesses that are susceptible to such theft include:

  • Retailer
  • Restaurants
  • Banks
  • Hospitals
  • Universities

While these are the most likely victims of a cyber attack, virtually any business which stores sensitive information or conducts any of its business operations online should strongly consider cyber liability insurance.

What does Cyber Liability or Cybersecurity Insurance Include?

Purchasing a cybersecurity insurance policy is the most effective method to protect your business and potential liability costs associated with damages. Even unsuccessful attempts are burdensome because the costs associated with handling cyber liability risks are staggering.

So what is Cyber Liability Insurance? And what does it cover?

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

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

It’s important to note that many cyber liability insurance policies do not cover security threats from a results of human error and omission. In other words, if an associate’s honest mistake can be shown to have left your system vulnerable to a cyber attack, the insurance company may use that fact as grounds to deny a claim for cybersecurity coverage. That’s all the more reason to work with a trusted insurance broker with a depth of experience in cyber liability insurance coverage.

As a business, it’s essential to consider the scope of internet activities, the range of risks that require coverage, and the amount of the coverage deductibles or coinsurance.  This will help narrow down the cyber liability insurance package options. Keep in mind that corporate integration and the advancement of social media use play host to numerous new cyber liability threats.

Cyber liability or hacking insurance can be a complicated issue to manage. All in all, an insurance professional who truly understands this area of commercial business can make a remarkable difference. Contact Arthur Blake Insurance today for more information and a free Cyber Liability Insurance quote.

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