Cyber Liability Insurance
As technology becomes increasingly important for successful business operations, the value of a strong cyber-liability insurance policy will only continue to grow.
The continued rise in information stored and transferred electronically has resulted in a remarkable increase in the potential exposures facing businesses.
Regulations such as the General Data Protection Regulation (GDPR) must also be considered, because a loss of sensitive personal information may subject you to fines and sanctions from the Information Commissioner.
In an age where a stolen laptop or hacked account can instantly compromise the personal data of thousands of customers, protecting yourself from cyber-liabilities is just as important as some of the more traditional exposures businesses account for in their general commercial liability policies.
Why Cyber-Liability Insurance?
A traditional commercial insurance policy is extremely unlikely to protect against most cyber-exposures.
Standard commercial policies are written to insure against injury or physical loss and will do little, if anything, to shield you from electronic damages and the associated costs they may incur.
Exposures are vast, ranging from the content you put on your website to stored customer data.
Awareness of the potential cyber-exposures your company faces is essential to managing risk through proper cover.
Increased online consumer spending has placed more responsibility on companies to protect clients’ personal information.
A disaster that cripples your ability to transmit data could cause you or a third party, to lose potential revenue.
Intellectual property rights
Your company’s online presence, a corporate website, blogs or social media, opens you up to exposures faced by publishers.
Damages to a third-party system
An email sent from your server that crashes the system of a customer or the software resulting in a loss for a third party, means you could be held liable for the damages.
A natural disaster, malicious activity or fire could all cause physical damages that could result in data or code loss.
Hackers can hijack websites, networks and stored data, denying access to you or your customers.
Portal Broking Group: Your Cover Expert
As reliance on technology continues to increase, new exposures continue to emerge. As your business grows, make sure your cyber-liability cover grows with it.
Portal Broking Group is here to help you analyse your needs and make the right cover decisions to protect your operations from unnecessary risk.
Get in touch today on 01829 706436, or fill out the form below.