Living and working in this digital technological era comes with many benefits (faster communication, fast online purchasing, etc.) but the downside to certain online activity is that data can become susceptible to potential security risks. The best course of action is to be proactive and take the necessary precautions beforehand.
Cyber liability coverage is something which businesses of all size should have. The following are some of its benefits:
“Your general policy won’t cover you.
Typically, a general liability policy specifically excludes losses incurred because of the internet; a good cyber liability policy can pick up where your general policy leaves off. Make sure your cyber policy covers laptops and mobile devices as well, to give yourself coverage in as many situations as you can. Work with your broker to integrate cyber liability with your general policy and employment liability policy. You want to give yourself the most seamless coverage possible.
Even if you don’t host your data yourself, you’re still responsible.
Is your website and any of your data hosted or stored in the cloud? Take a good look at your contracts: You’re still legally responsible. There’s a significant risk,” says Karen L. Stevenson, senior counsel at Buchalter Nemer, a law firm with offices in California and Arizona. You can’t fully control how a cloud provider handles your data but an insurance policy can protect you if your cloud provider screws up.” (Minda Zetlin, inc.com)
Here at Palladium we can help your business get the right coverage. Read more about our cyber liability products here. Let us earn your trust.