The short answer: yes.
If your business engages in electronic activities, be it internet sales or collecting and sharing data within a network, then you’re at risk for data breach where information can be exposed or stolen. Cyber liability can cover you for monetary losses from a breach and provide legal protection, it is the most comprehensive coverage a business can have in the event of a cyberattack.
What are your cyber liability risks? Your business could be liable for costs incurred by customers or other third-parties because of a cyberattack. Your business could be liable for the expense of replacing lost data. Your business could be required to notify all customers of a data breach. These are just a few of the costs your business could be at risk for in the event of a cyberattack.
Given current circumstances with most business operating remotely, a substantial employee shift to work from home, businesses have opened themselves up to even more vulnerabilities with protecting their cyber-security. This is a crucial time to make sure your business has cyber liability coverage in place.
Want to know more or get a quote for your business? Just give us a call and someone in our commercial lines team will be happy to help!