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What You Need to Know About Cyber Risk

travelers cyber risk
Published by Car Insurance Advisor on April 12, 2019

As the global marketplace expands and comes online, the risk of a cyber attack grows. Regardless of your business size, you could be at risk for a data breach. The Travelers cyber risk lawsuit should give business owners pause in relying on their general liability policy to cover a cybercrime.

General Liability

While you may be under the misconception that a general liability insurance policy covers a cyber risk, you would be mistaken. The consequences of relying on your general liability for cyber coverage could result in damaging financial costs.

Cyber Liability

The cost of mitigating a cyber attack is unknown. Costs vary depending on the size and scope of the attack. A cyber liability policy calculates your business’ risk of attack and helps cover the expenses associated with one.

Third-Party Liability

Your company could be held liable in the event that third-party data is compromised. A sound cyber risk management strategy can help mitigate the chance of a cyber attack being successful. If one does occur, a cyber liability policy steps in to help manage the legal and financial repercussions associated with a lawsuit resulting from cybercrime.

Don’t let cyber criminals take more from your business than policy. Have a cyber liability policy with Owens Group to mitigate the often crippling financial costs of a cyberattack. As the travelers cyber risk lawsuit makes clear, don’t rely on one insurance policy to cover all your risks.

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Filed under: Insurance Marketing and Tagged: Cyber Liability, Cyber Risk, cyberattack, cybercrime, general liability, Third-Party Liability
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