Almost all businesses store information electronically – it’s inescapable with so much online activity, from simple emails and customer databases to interactive websites. Yet many businesses do not consider the potential liabilities they are exposed to as a result of this.
Some businesses may incorrectly assume that they are covered for such liabilities under their general business liability policy, yet this is very unlikely to be the case.
There are many areas of risk you need to think of when it comes to cyber liability, including:
• Data breaches
• Intellectual property rights
• Damages to a third-party system
• System Failure
• Cyber Extortion
• Business Interruption
Cyber Liability Insurance specifically addresses these types of risk; risks that other types of business liability cover simply won’t.
The level of cover required is clearly based on your level of exposure to any or all of the above areas. It is exceptionally important to work with an insurance broker that fully understands the risks your individual operation faces and tailors your cyber liability insurance policy to meet the unique needs of your business.
With reliance on technology showing no sign of abating, new exposures will continue to emerge.
With growth in your business, make sure your cyber liability cover grows too. Bollington will help you analyse your needs and ensure that the correct cover is in place to protect your operations from unnecessary risk. Contact us today on 0161 929 1851 to discuss insuring your business against costly cyber liability risks.