• Electronic data and credit card information can be compromised due to malware, phishing, spear phishing, data loss and data theft
• The risk of cyber liability is real for ALL enterprises whether large or small
• When personal customer or financial information is lost, companies face substantial risk of class actions
• Losses for network or hardware damage may be See more +
• Electronic data and credit card information can be compromised due to malware, phishing, spear phishing, data loss and data theft
• The risk of cyber liability is real for ALL enterprises whether large or small
• When personal customer or financial information is lost, companies face substantial risk of class actions
• Losses for network or hardware damage may be covered as a property claim under traditional commercial general liability policies (CGL)
• But courts have disagreed whether losses suffered by third parties, such as customers, are covered by CGL policies
• Insurers are increasingly writing policies that expressly EXCLUDE claims for cyberliablity from CGL policies
• Specialized Cybersecurity policies can provide the coverage needed for the unique risks posed by cybersecurity threats from hacking to data theft
• Risk can be mitigated for business through appropriate training and a strong IT staff
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