Cyber Threats and Costly Data Breaches

Cyber threats have caused a great deal of pain and suffering, financially speaking, to practically every industry and on a global level. Both small and large businesses have found that their computer systems are being illegally accessed, making them vulnerable to the acts and demands of hackers constantly attacking companies and committing cyber crimes. Some steal confidential information, while others focus on spreading malicious viruses and creating network security risks.

The threat of a breach is alarmingly evident, making headlines on a daily basis. Many companies and organizations are seeking ways to strengthen their cybersecurity in what may be a vain attempt to mitigate risks. Most have made the wise choice to invest in business insurance in orange county that provides comprehensive cyber liability coverage.

Many cyber liability coverage options available

The insurance industry over the last several years has responded to the problem of data breaches with a slew of cyber liability policies, making them available on the market so that coverage can be tailored to address the individual and sometimes unique business exposures of their clients.

Because of the risks involved, making this coverage a component of your insurance program is now considered a key factor in any effective risk management plan you may currently have in place. The best solution is to research the different policies and understand what each has to offer in order to provide protection against threats of this nature.

Many OC insurers have access to several carriers that provide cyber coverage that responds to a myriad of exposures you may face. You can only benefit from having a customized policy for your specific needs. Some examples of the type of protection provided by most comprehensive cyber policies include breach of duty, security costs, any acts performed by third parties (i.e. contractors, vendors, customers, etc.), privacy claims caused by your employees, and media liability, including copyright and/or trademark infringement and personal injury.

Security costs are considered one of the major benefits of comprehensive cyber liability coverage and include forensic costs, credit monitoring, public relations management and notification costs. Other notable coverage in the comprehensive cyber form relates to damage caused by a hacker, business interruption, and cyber extortion. In the current climate, you can no longer afford to be without cyber liability protection. Speak to a business insurance orange county specialist today.