Benchmark Agency Blog

Risk Management Solutions for Your Cyber Liability Concerns

We pride ourselves not just on selling insurance, but on sharing our expertise on the risks our clients face every day and how best to mitigate them. With business operations becoming more complicated, global and reliant on technology every day, comprehensive risk management techniques combined with tailored insurance solutions are the only way to make sure that you are protected from the wide range of exposures inherent in your day-to-day business operations.

Consider the area of cyber liability. What was once a minor concern for only the largest firms is now something that even the smallest businesses face in one form or another. What you may find is not only new and dangerous risks, but also gaps in your risk management programs and insurance policies that leave you glaringly unprotected.

Almost every business has some cyber risk exposure that needs to be addressed; you do not need to sell a product or services over the Internet to be susceptible to cyber crime or a data breach that can be financially devastating. Any business that possesses valuable or sensitive data faces cyber risks and needs to take steps to protect against them. Imagine the damage a data breach could do to your company’s future. Would your standard business liability insurance protect you if your electronic data were stolen, your website were shut down by a power failure or by being hacked, or if someone filed slander or libel allegations against your business based on a social media post?

If you handle electronic data of any kind, and especially personal data about your customers, you are especially susceptible to cyber crime. Sensitive data can be lost through stolen laptops and portable devices, as well as by rogue employees, theft of digital assets, privacy breaches and human error.

Unfortunately coverage related to cyber crime is usually limited under your commercial general liability policy, so you need to find other ways to protect your business. First and foremost, you need to protect your sensitive data. You need to discover where you have data handling strengths and weaknesses and guard against them with new procedures and additional insurance coverage. There is no standard cyber liability policy form today, as the risks are ever evolving. But we can help you uncover where you have the most to lose, and will help you close the gaps in coverage with insurance solutions that are tailored to your business.

What steps have you taken to prevent data breaches and other types of cyber crime? Are you aware of the risks you face?

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