I remember a much simpler time when everything was on paper in neat folders stored in grey filing cabinets. *Sigh*. But now with so much technological advancement, things are easier, yet at the same time, more complicated. Put more simply, there are many more ways to have your business (and personal) information compromised.
Cybercrime is a growth industry and attacks aren’t limited to big business. Small businesses are just as vulnerable. Web and social media sites can be hacked, computers storing customer, product and financial information can be penetrated and sensitive information stolen. The time and financial costs involved in repairing the damage and covering the legal costs in the event of a data breach can be astronomical. And of course there’s your reputation which would obviously take an enormous hit; a hit you will have to work very hard to repair.
If you use a computer or the internet, then Cyber Liability Insurance is now something you must consider as a part of your risk-management arsenal. A CLI policy is designed to protect your business in the event of a cyberattack. Policies may include cover for liability against unauthorised use of, or access to your networks, software or electronic data. Some of the other features of this type of cover can be, if you accidentally spread a virus or malware, experience computer theft or extortion, or should any of your employees make an accidental error or omission during the course of the job. Policies also may include cover for the cost of forensic investigators and for informing your customers of the breach. Stay one step ahead. Consider talking to your local insurance broker about Cyber Liability Insurance Policy today. Your business, family and clients will love you for it!