Business success comes with the responsibility of earning and maintaining client trust. This goes beyond providing superb products and services. What is also a factor is how you manage confidential information. Understanding how coverage for cyber liability in PA applies to you can be essential to preserving the longevity of your company.
Know You’re Not Exempt
Many business owners decline to add cyber coverage to their insurance portfolio, believing that their companies are too small or they don’t store personally identifiable information (PII). These are common misconceptions. Businesses of all sizes are at risk, and it’s not just limited the situation of stolen customer credit cards and social security numbers.
Know How You’re Liable
It’s vital to know what your exposure is. Liability can exist in many situations. This can include:
- You hold the personal information of employees
- An employee falls victim to a phishing scam and causes the transmission of a virus
- The unauthorized release of confidential corporate information such as financials, bids and reports
- A rogue employee steals or discloses PII
- A virus or hacker shuts your network down, causing business income loss for you or your clients
- You use a third party to store PII and that third party experiences a breach
Know What You Need
Coverage for cyber liability in PA varies depending your risk profile and the policy form chosen. That’s why it’s imperative to consult with an insurance specialist. The right protection can help you secure the future of your company.