Isn’t it amazing how everything is just a click away? With great connectivity comes great reward, and also greater risk for businesses to be the victims of security breaches.
The typical business insurance policy only covers so called “tangible” assets and electronic data is NOT typically considered tangible under most policies. Therefore, you need to consider purchasing Cyber Liability insurance coverage, which is designed to fill this gap. It addresses the first and third party risks associated with networks, e-business, informational assets, and Internet communications. This includes virus transmission, privacy issues, infringement of intellectual property, other unintentional acts, or mistakes made by you or your employees.
Forbes reported a recent study by the U.S. Secret Service and Verizon Communications, Inc., which indicated that 72% of all data breaches occur in SMB (Small and Medium Sized Businesses). The average cost of this breach was approximately five million dollars. Contact us today so we can discuss your Cyber Liability exposures which are only a click or two away.