Cyber Liability: Is Your Business Exposed?
Cyber Theft: Is Your Business Exposed?
Art Glasgow, Peck-Glasgow Insurance
When we mention the term Cyber, what comes to mind? I usually think of the Internet and the data that is sent from computers, smart phones, notebooks and lap top computers. The question of the day: Is your business exposed to Cyber Theft?
In many cases your business has access to confidential personal data. As an employer, you have social security numbers, dates of birth, drivers licenses numbers, etc.. for employees. You may even have the same information for subcontractors and vendors with whom you do business. Tax id numbers, bank account numbers all are exposed in the modern business world use of computers and the Internet.
Other businesses have personal information, ideas and confidential corporate information. These are all examples of property. It is property that may not catch on fire or be destroyed in a windstorm, but it can be stolen or damaged. The loss of this data property might even limit your ability to do business. Data can be stolen, even if it is backed up or stored off site using a data hosting or cloud computing service. If your computer system or server is hacked resulting in stolen data, You and Your Business are at risk!
Who is at risk? Anyone that collects personal or other sensitive data is at risk. This includes many different service firms and industries from accountants, health care firms, financial advisors, lawyers, retailer and yes even Insurance Agents!
Still not sure if you are exposed? Consider if you handle any of the data listed below, whether employee or third party: Social security numbers, addresses or phone numbers of clients or vendors, email addresses, credit card information, financial records including investments, bank information, payroll information, user names and passwords, health insurance and health records, student information, agreements and contracts. Another example of risk occurs when a company employee takes home a laptop computer. It is stolen from the back seat of their car while the driver is at the mall. Cyber Insurance covers the theft of data stored on the laptop and the cost of restoring that data. The risks go on and on…..
Cyber Insurance is available. Coverage should begin with third party and first party coverage for the loss of or damage to that digital data that you store. This is called Network Security and Privacy coverage. Don’t think you don’t need this coverage because you don’t appear to be exposed. Talk with your Alabama Business Insurance specialist at Peck-Glasgow Insurance. We have policies and endorsements that can reduce or eliminate many of the daily risks that you and your business faces in the complex world that we live in today.