Times are rapidly changing and how we communicate and do business has too.
As many of us spend more time at home or have shifted work to home altogether during COVID-19, cyber criminals have upped their game. We’ve all seen the news stories of major corporations getting hacked, or even organizations in our own backyard. Any business, no matter how small or large, can be a victim of cyber-crime or have a cyber breach.
What Is Commercial Cyber Insurance?
Commercial Cyber Insurance is a policy designed to protect a business’ liability for data breaches related to customers’ personal or sensitive business information. Cyber Insurance provides protection and coverage for the security and privacy of digital information and data should your business or organization be a victim of a cyber breach.
Who Needs Commercial Cyber Insurance?
Every business can benefit from commercial cyber insurance. If you sell products through e-commerce or maintain electronic customers’ records, you should carry cyber insurance to protect your organization from risk. A breach of the systems containing this personal and commercial information can be extremely time consuming and costly.
Data compromise, cyber and privacy breach expenses insurance provides assistance for organizations before and after an event. Educational information is available with tips on preventative measures. Consultation is provided if a breach occurs with a plan on what to do, how and when to notify others and to mitigate public relations issues. There are limited expense reimbursements included to assist with managing the event. However, these types of options are not actual liability insurance coverage and can often be purchased without actual cyber liability coverage as follows.
This coverage is needed to provide defence and legal liability for damages if the business or organization (the insured) is legally liable for failing to protect confidential information.
Some insurance policies may offer coverage for PCI-Payment Card Industry fines and penalties, or defence expenses in the event of a regulatory action regarding a privacy breach
In today’s increasingly technical world, it isn’t so much a matter of if there will be cyber attacks, but when. There can be various ways to protect your business from cyber attacks. To mitigate your risk, contact your Orr Insurance & Investment Broker and find out what options work for you.
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