January 17, 2018

Cyber Risk & Liability

Are you a stay at home mom who does bookkeeping on the side or perhaps you are in travelling sales?

Do you do oilfield consultation and have a direct login from your laptop to your company server? How about a store owner who takes credit card payments?

Maybe you own a rental company with hundreds of customers, employees & dollars on the line? 

Cyber Risk & Liability should be on your radar. Everyone is online (you are reading this post, after all!) and that means that everyone is vulnerable to increasingly complex cyber threats. All it takes is one stolen smartphone, a hacked email or a virus to cause huge financial costs to you and your company.

Not to mention the cost to your reputation and the trust of your customers.

Since no system is 100% infallible in some form or another almost every single person has a cyber liability risk & exposure and we need to start taking it seriously. 

Hacker attacks, being held liable for personal data breach, lost business as a result of network downtime, spybots, phishing attacks, malicious viruses and worms... these are a few of the very real possibilities you & your business are facing. 

So, what does Cyber Insurance cover?

Insurance for Data Breaches: covers a business for the costs associated with a customer privacy breach including expenses like legal fees, credit checking and associated fines. 

Media & Multimedia Liability: covers third party damages for intellectual property rights infringement or website defacement (attack on a website) 

Extortion Liability Insurance: covers losses due to extortion associated with information technology systems. 

Network Security: covers damages to third parties caused by denial of access, or costs related to data on third-party supplies or theft of data. 

Your Cyber Risk Liability policy may also cover expenses related to the breach such as: 
- Business losses as a result of the cyber-attack 
- Investigation fees 
- Privacy and notification costs
- Lawsuits & legal proceedings. 

Paramount Insurance offers an informative bi-monthly Cyber Risk Newsletter to help you quantify the risk and to be persuasive in your education and understanding of how you & your business can be affected. We want to reassure you that we are here to help navigate these new waters with you, we will help you protect yourself from all the risks we can and we will place coverage in the areas that we cannot.

Providing you with a clear, positive insurance experience – because… Things Happen.

 

Published in Blog