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TS Peck

What is Waterbury Cyber Insurance and Why Do You Need It?

Just about everyone, from young toddlers to the elderly, is a consumer of technology in this day and age. While technology allows us to enjoy many benefits, it is not without its risks. In fact, according to experts, we are now entering a new era of cyber security. There has been a major rise in the number of cyber attacks targeting both individuals and organizations in Waterbury for the past few years. If you're unsure whether you need an insurance policy, here is some information about cyber insurance and why you may need it.shutterstock_211047988.jpg

What is Waterbury Cyber Insurance?

Cyber insurance is designed to help protect the consumers of technology products or services. Most Waterbury cyber liability insurance policies help cover property and liability losses that may occur when a business partakes in electronic activities, such as selling products on the Internet or collecting sensitive data. Usually, cyber liability policies encompass at least a few of the following four components: privacy, errors and emissions, network security and privacy, and media liability.

Network Security and Privacy - The network security and privacy component of a cyber policy will help cover the liability of a business for data breaches in which a cyber criminal successfully steals or exposes the personal information of customers. This component also encompasses matters related to the transmission of a virus or malicious code, business interruption, and loss of data. Some expenses that cyber liability policies can help cover include credit monitoring, fine and penalties, notification costs, and losses related to identity theft.

Errors and Omission - In the event a technology product or service you provide fails to perform sufficiently for your customers, you may face a lawsuit. A cyber liability policy can help you cover defense costs and other costs related to the lawsuit. This component can also help cover the indirect breach of the data of customers.

Media Infringement - In the event advertising or personal injury occurs due to the use of your technology products and services, a customer may sue you. A cyber liability policy may help cover matters related to media infringement. If infringement of Intellectual Property occurs, the media infringement component of a cyber liability policy may be able to kick in.

Privacy - The privacy component of a cyber liability policy relates to the exposure of personally identifiable information (PII) and protected health information (PHI). This data can be exposed by a hacker, a lost device, an employee, or mishandling of physical records.

Do You Need Waterbury Cyber Insurance?

If you host a website or interact with the public via the Internet, chances are you need a cyber liability insurance policy. The same is also true if you provide technology products and services to customers or clients. Even if only a portion of your business is conducted online, you should seriously consider a cyber liability policy. 

Many business owners harbor the misconception that business liability insurance policies automatically include cyber liability. In the vast majority of cases, this is not true. Therefore, you will need to purchase a separate policy for cyber liability policy. Some insurance companies that provide business liability insurance also provide cyber liability insurance. Getting multiple policies with the same insurance company may grant you a discount.

As cyber criminals adopt more and more sophisticated ways of attacking individuals and organizations, the importance of Waterbury cyber insurance increases. Also, cyber criminals are far from being the only threat when it comes to technology and the Internet. For more information about cyber liability insurance and why you may need it, don't hesitate to contact a local friendly agent!

Get in touch with a business specialist!
This material is for informational purposes only. All statements herein are subject to the provision, exclusions and conditions of the applicable policy. For an actual description of all coverages, terms and conditions, refer to the insurance policy.

Topics: Cyber Insurance

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