Insurance for the Internet Era

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Insurance for the Internet Era

Insurance for the Internet Era

Posted by on Oct 30, 2014 in Blog News

It is almost impossible to run a business without using computers and the Internet. While utilizing these tools can help your business be more efficient, it can also open the door to cyber-attacks. Investing in a cyber-liability insurance policy is the best way to ensure that your business stays safe in case of a cyber-attack.

Cyber-liability insurance provides coverage for many different situations, including:

  • Network security liability – will provide coverage in case of a lawsuit that is brought against your company as the result of a data breach.
  • Network privacy liability – will provide coverage for any lawsuits that are brought against your company claiming that you did not properly protect the personal data of your clients that was stored on your computer system.
  • Electronic media liability – will provide coverage for a lawsuit that is brought against you company that are associated with defamation, slander, libel, copyright infringement, or domain name infringement.
  • Damage or loss of electronic data – will cover the cost to recover any lost data and prevent further damage after the theft, corruption, disruption, or damage of client’s personal data that was kept on your computer system.
  • Loss of income – will provide coverage for any lost income if your business is not able to continue running after your computer system fails.
  • Cyber extortion losses – will provide financial coverage if a cyber-thief or hacker tries to extort your business from releasing private information.
  • Notification costs – by law, your business is required to notify all clients if there is a cyber-attack and their personal information may be compromised. A cyber-liability insurance policy would pay for these notification costs.
  • Damage to your reputation – the policy will cover the cost of hiring a PR professional to help protect the reputation of your company.

For all of your cyber-liability insurance needs, contact Brown & Brown Insurance Services of California, Inc., located in Goleta.