MONDAY, MARCH 20, 2023
If you are like most people, when you hear the term cyberattacks, you think of data breaches. You think of a hacker that undermines security systems to gain access to sensitive data. Most people think this way because the news only reports these types of breaches.
However, there are many other types of data breaches. They come with liabilities that need your business to have cyber insurance. 
How Cyber Business Insurance Covers Your Business
Most cyber insurance covers data breaches. However, cybersecurity insurance usually goes beyond simply covering data breaches. The following are two coverage options that may come with your cyber insurance.
Media Liability
Whether you operate a restaurant or a dry cleaner, you can expose your business to media risks. Media liability isn’t limited to broadcasts or other types of media-related firms. If your business operates a blog or uses social media you could be liable for libel, slander, defamation or plagiarism.
If this happens, your insurance might help you. Ask your insurance provider if your cyber insurance can help you with the lawsuit.
Technical Errors and Omission
Research shows that technical errors and omission claims constitute about 40% of the claims against cyber business insurance.
In essence, technical professionals are responsible for liabilities that stem from them doing business. In the past, most people only associated errors and omissions liabilities with doctors and lawyers. However, with many people relying on tech professionals to help grow their business, specialists are often legally exposed.
Other Measures You Can Take to Protect Your Business
Beyond cyber business insurance, you can take additional measures to insulate your business. For instance, creating a media how-to package for your organization may help you reduce risks.
Additionally, if technical errors and omission claims could be a problem for you, establish risk-reducing routines to help your team avoid risk exposure.
Cyber business insurance isn’t simply for cyber breaches. Extra coverage included in the policy will help you protect your business from other risks, too.
Insurance Associates will help you find the right business insurance to protect all of your cyber assets. Give us a call for more information.
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NOTICE: This and all content is developed from sources believed to be providing accurate information.
The information in this material is not intended to be used as tax or legal advice. Please consult with a tax and/or legal professional
for detailed information regarding your individual situation. Some of this material was developed and shared by Insurance Associates to provide information
that may be of interest. Insurance Associates is not affiliated with the named representative, broker-dealer, state- or SEC-registered investment advisory firm.
The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security.
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