As more companies suffer the effects of a Data Breach in Hawley PA, they become more vulnerable to financial losses and reputational damage. For better security, many business owners are considering cyber liability insurance plans. If a business engages in one or more of the following, this type of coverage may be worthwhile.
Building a Social Media Presence
While social media is a great way to generate customer interest and spread the word about new products and services, it’s also fraught with vulnerabilities. Activities by current and former workers on company social media pages can create a hacking risk. However, cyber liability insurance can cover the damage caused by copyright infringement, leaked information and defamatory statements made on social media.
Third Party Data Loss
When a company loses data provided by vendors and customers, it can be held liable for the damage caused. For example, a customer can bring legal action against a business if his or her credit card number is stolen. Cyber liability insurance policies are intended to offer financial safeguards against these third party claims.
Using Mobile Phones and Laptops
If employees use corporate electronic devices such as laptops and phones, or even if they bring their own electronics, the items should be protected in case of loss, damage or theft. When devices are unprotected, a tech-savvy thief can get into them and easily steal sensitive data. A cyber insurance policy can protect the company from vulnerability related to the theft of electronic devices.
State Data Breach Notification Laws
Most areas have laws that require companies to immediately notify customers when their personal information has been stolen or compromised in a Data Breach in Hawley PA. Failure to follow the rules can result in steep fines and other penalties for the company. By adding a cyber liability rider to a business insurance policy, company owners can remain a few steps ahead of potential hackers.
Business owners need a variety of coverage types to keep themselves and customers safe, but cyber liability insurance is an essential feature. To get a quote and learn the benefits of this kind of coverage, call the office or visit website today.
