Cyber Liability Loss Recovery Issues
Cyber Insurance Can Benefit Your Business
Cyber liability is the risk that every business faces today. You do not have to be a technology company to have a cyber liability risk. According to the latest studies by insurance experts, firms with 50 or fewer employees are the most at risk of having a loss, due to lack of controls and security. In fact, your business has a greater chance of having a cyber loss than it does of having a fire.
Cyber Liability Risk Management
We recommend that every business consider cyber liability insurance. As businesses consider protecting themselves against cyber-attacks, it is important to understand what actions should be taken once a cyber breach occurs.
- Read your cyber liability policy, so you understand the coverage. It is important you understand the cyber risk coverage and how it works before the loss occurs.
- Select an independent agent like our agency, to help you design a product that fits your needs, including deductibles levels.
- Develop a cyber breach policy to help manage a data breach. Once a breach occurs, there should be a clear procedure for employees to follow. This would include notifying clients and vendors.
- Report the claim as soon as possible to your cyber liability insurer. It might also be a good idea to submit a claim to your other commercial liability insurers as well.
- Protect client’s information should be your first priory. Make sure you have the right coverage for notification and any legal fees as part of your cyber liability policy.
- Your cyber insurance should also cover breaches arising from mobile devices.
- Look for coverage that does not have contractual liability exclusions.
Thanks to Anderson Kill for providing some of this information.