In today’s ever-growing world cybercrime has increased substantially. Many companies do not realize that they need coverage to protect their assets and data in the event of a hack or breach. Phishing scams, identity theft, and telephone hacking are all crimes that traditional insurance policies do not address. The following are 10 reasons why you might need cyber liability insurance courtesy of Evolve MGA.

  1. Most cyber attacks are not covered by standard property or crime insurance policies
  2. System downtime is not covered by standard business interruption insurance
  3. Data is not covered by standard business interruption insurance
  4. A company can be liable for third-party data they lose
  5. Retailers face severe penalties if they lose credit card data
  6. Complying with breach notification laws cost time and money
  7. Your reputation is your number one asset
  8. Social media usage increase has led to a claims increase
  9. Portable devices increase has lead to the risk of loss and theft increase
  10. Big and small businesses are both at risk

Most businesses agree that their data and their customer’s data are some of their most important assets. Cyber liability insurance can provide comprehensive crime cover for a wide range of electronic perils that are increasingly threatening the financial resources of today’s businesses.

For more information call Gannon Associates Insurance Commercial Lines at 1-888-426-6662.