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.
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.
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.
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.