The online world is vital for modern business.
Most businesses operate, to some extent, in the digital world. You may do your banking, store your customers’ data and manage your inventory online. Because online systems are essential to your operations, a data/security breach of sensitive, confidential data, such as personal identification or health information, trade secrets or intellectual property can be devastating. This is why Comstock offers cyber liability insurance.
Any organization that houses or exchanges electronic data via a website or conducts business online is susceptible to a data/security breach. And as technology becomes more complex and sophisticated, so do the threats we face – which is why every business and organization needs to be prepared with cyber liability insurance. We understand the complexity of cyber threats and have cyber liability insurance solutions to help protect your business assets.
Although a security breach may be caused by someone intentionally hacking into a system, more often than not, it’s due to negligence; a lost or stolen laptop, smart phone or memory stick, or an unsecured IT network can lead to significant breaches. Any data in the wrong hands can cause damage.
Cyberliability insurance—sometimes known as data/security breach, network security cyber risk, information security, privacy, or media liability coverage—extends liability coverage to include coverage for claims related to third party unauthorized disclosure of nonpublic personal information or identify theft.
Why get Cyber Crime insurance?
Cyber breaches, or cyber crimes, occur every day and cost those affected billions of dollars per year to investigate, repair company systems and websites, recover losses from the disruption of business, and even defend against lawsuits and rebuild a tarnished reputation. While cyber crime insurance cannot stop these breaches, they can help you recover from them.