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Do you have Cyber Liability Insurance?

​​If you sell products through e-commerce or maintain electronic customers’ records, a breach of the systems containing this personal/commercial information can be costly.

​Liability is an organizational risk for businesses of any size. A non-profit that uses online tools to support fundraising activities can be vulnerable to hackers. A corporate website that does not meet best practices for information security could compromise client information and expose a corporation to liability. ​

Simply publishing content online can open the door to a multitude of potential exposures such as:

Electronic security breaches involving the personal/commercial information of clients, employees, volunteers, members, suppliers and/or stakeholders
The theft of mobile devices, laptops, USB flash drives and cellphones containing organizational, client, employee, volunteer or member, data.

 

Cyber Liability Insurance​

Speciality insurance coverage for cyber liability risks is relatively new to the marketplace. The possibility of cyber liability lawsuits is a reality that every business owner should consider. There have been several very high-profile personal information breaches that affected tens of millions of records and will cost the companies involved millions of dollars.

If you rely on an online presence and use e-commerce as a method of distribution or have employees who carry electronics that hold customers’ personal/commercial information, your insurance representative can help you find coverage that will protect your organization.

 

 

​8 Questions to Consider When Buying Cyber Liability Insurance

  • How many records containing personal information does your organization retain or have access to?
  • How many records containing sensitive commercial information does your organization retain or have access to?
  • What security controls can you put into place that will reduce the premium?
  • Do all portable media and computing devices need to be encrypted?
  • What about unencrypted media in the care, custody or control of your third-party service providers?
  • Could you make a claim if you were not able to detect an intrusion until several months or years had elapsed?

 

Source: Insurance Bureau of Canada http://www.ibc.ca/on/business/risk-management/cyber-liability

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