For the last five years or so, cyber liability has been one of the top commercial insurance concerns. This type of insurance covers both liability and property losses that can occur if a company has an online presence or collects personal and financial data from its customers.
Any business that uses, collects, stores, or maintains any customer personal information, such as aphone numbers, physical or email addresses, date of birth, social security numbers, or bank or credit card information is responsible for the security of that date.
Cyber policies protect companies from illegal data breaches and the costs associated with these breaches, including customer notification costs, credit monitoring, defense costs, industry or government fines and penalties, losses following any identity theft.
This kind of protection is necessary because we work in a world in which data is the new currency, and as a business owner you are responsible to keep that data safe. That means that you need to be protected from electronic loss and thet, just as you are for physical property.