Due to the recent upsurge of well-publicized data breaches, cyber insurance is gaining a lot of relevance. Privacy and Network Security should be a priority for all types of businesses, even insurance agents. What’s important to remember about privacy and network security, is that there is a lot more to it than just protecting every day data breaches and losses. Cyber insurance policies can provide coverage for a number of incidents and types of damage.
Below are some important cyber coverages you may be unaware of. These are important to share amongst your business as well as with your clients.
Content Injury Liability
Content injury is an incident in which someone pretends to represent your company online. The results of this can be disastrous. Your company’s reputation may be smeared online, intellectual property may be leaked, and privacy may be violated.
Cyber Extortion
Enterprising hackers, recognizing that your data is probably more valuable to you than anyone else, may try to extort you in various ways. Cyber extortion can take many forms; including threats to publish sensitive data, frequent DDoS attacks until you pay up, and even using ransomware to prevent you from accessing your own data.
Data Forensics
If something goes wrong with your data, it’s extremely important that it not happen again. Your security team should be able to thoroughly investigate breaches while they are occurring and after they occur. This will help you not only put a stop to ongoing breaches but also figure out the full extent of the damage of a breach.
Privacy and Network Security Insurance is a must for small and large firms alike, to protect against widespread exposure. At PL Risk Advisors, we provide coverage for all classes of business, including hard-to-place risks, and offer tailored policies depending on the client and industries they serve. Please contact us today for more information at (855) 403-5982.
