With the alarming rise of data breaches exposing sensitive customer and company information, many businesses are at risk of financial losses and tainted reputations. For enhanced security, many companies are adding cyber liability protection to their business insurance plans. CIG Insurance Agency in Canandaigua and Honeoye, NY, offers customized policies to help a wide range of industries minimize exposure to virtual hackers.
How do you know if your business insurance policy should include cyber liability protection? If you engage in the following, it may be worth having:
- Social Media Presence: Unfortunately, activity posted by current and former employees on your company’s social media sites creates the risk of online infiltration. Cyber liability can cover the consequences of copyright infringement, defamatory statements, and even leaked information seen on these interactive channels.
- Third-Party Data: Companies that lose third-party data provided by customers and vendors could be held liable. For instance, customers can sue a business if their credit card account numbers were breached. A cyber liability policy is designed to offer financial protection against such claims.
- Laptop & Mobile Phone Use: If you and your employees use company-issued laptops, mobile phones, and other electronic devices, the items must be protected in case they are lost or stolen. If they are not, tech-savvy thieves can hack into the equipment and steal sensitive information with ease.
Most states have passed breach notification laws, which require businesses to immediately inform customers when the security of their personal information has been compromised. Failure to comply could result in penalties and fines for your company. By including cyber liability riders within your business insurance policy, you can stay one step ahead of potential data hacks.
To receive a free quote and discuss the benefits of cyber liability insurance, call CIG Insurance Agency today at (585) 394-5544 in Canandaigua or (585) 229-2300 in Honeoye. Check out the website for further information on their broad selection of business insurance plans.