Don’t Let Cyber Liability Scare You!
Cyber excuses – we hear them all the time!
I don’t have a Cyber Liability exposure. Are you sure about that?
Cyber Liability is only for large corporations. Is it really?
Do you want a relatively simple explanation of the risks to your business, and how Cyber Liability Insurance can help?
Here’s our take on it (with some help from the Insurance Bureau of Canada)
If you sell products through e-commerce or maintain electronic customers’ records, a breach of the systems containing this personal/commercial information can be costly. Liability is an organizational risk for businesses of any size.
- A non-profit that uses online tools to support fundraising activities can be vulnerable to hackers.
- A corporate website that does not meet best practices for information security could compromise client information and expose a corporation to liability.
Beyond this, simply publishing content online can open the door to a multitude of potential exposures such as:
- Electronic security breaches involving the personal/commercial information of clients, employees, volunteers, members, suppliers and/or stakeholders
- The theft of mobile devices, laptops, USB flash drives and cellphones containing organizational, client, employee, volunteer or member, data.
Specialty insurance coverage for cyber liability risks is relatively new to the marketplace. The possibility of cyber liability lawsuits is a reality that every business owner should consider. There have been several recent high-profile personal information breaches that affected tens of millions of records, and will cost the companies involved millions of dollars.
If you rely on an online presence and use e-commerce as a method of distribution or have employees who carry electronics that hold customers’ personal/commercial information, our M&R Commercial Insurance Experts can help you find the right coverage to protect your organization.