Posted on May 19, 2014
If you own an internet website or conduct business online, your business faces a number of potential challenges that could result in significant security and financial issues. With cyber-crime on the rise, business owners must now concern themselves keeping their customer information confidential. With hacker attacks the most common form of data theft, security breaches that result in credit card data being stolen can result in claims against the business that was attacked.
Because commercial general liability insurance coverage does not extend to the online world, companies need added coverage to fully protect themselves from this security risk. Cyber liability insurance provides that added protection to online businesses from any loss associated with stolen credit card information, copyright infringement allegations, computer viruses, slander and other digital security events.
Prevention is always the best solution so online companies should take appropriate steps to protect sensitive customer data. Keeping virus software up-to-date and removing client data from hard drives can go a long way in preventing sensitive information from getting into the wrong hands.
With the increased business opportunity available on the web, more companies are entering the cyber world. Taking steps beforehand to fully protect your company from potential liabilities associated with online can significantly reduce the chances of claims against your company due to cyber-attack and internet viruses.