Cyber Liability and Security
Cyber Liability addresses the first and third-party risks associated with e-business, the Internet, networks and informational assets. By disseminating information to the public via a website, commercial businesses now have some of the same exposures as publishers. These include conventional publishing exposures such as copyright infringement, defamation and invasion of privacy.
The risk category includes privacy issues, the infringement of intellectual property, virus transmission, or any other serious trouble that may be passed from first to third parties via the Web.
Why do I need Cyber Liability and Security Insurance?
Traditional liability insurance does not address Internet exposures and the risks involved in Internet business. That is why you may need Cyber Liability and Security Insurance from Copeland Insurance Group.
The universe of potential plaintiffs is staggering, given the number of people and organizations that are currently surfing the web. A potential legal action from just one of them could be costly. For example, a company improperly used a sports celebrity’s name and photograph on its web site, and the celebrity sued for the “fair market value” of his name, plus additional damages of $750,000. Clearly, the potential liability associated with web site content is already great, still growing, and rapidly evolving.
Insurance against Cyber Threats
Cyber-attacks have grown into a significant business risk, and an important component of reducing this type of risk is via transfer through insurance policies.
In the most general, there are two types of cyber security insurance:
- First-party insurance covers direct harm to a company such as loss of income due to incapacitated networks, cost of network repairs and impact of loss on corporate reputation due to attack.
- Third-party insurance covers losses to a company’s customers in the event that their personal information or other data is compromised.
Policies are beginning to mature and available policies on the market today include network security liability, privacy liability, crisis management, identity theft response, cyber extortion, network business interruption and data asset protection.
When a security breach happens, you’ll need comprehensive protection from an insurer that offers a full suite of integrated insurance solutions to help minimize gaps in coverage, and understands how to tailor coverage to your business.
Copeland Insurance Group offers a flexible insurance solution designed by cyber risk experts to address the full breadth of risks associated with doing business in today's technology-dependent world.
- Covers direct loss, legal liability, and consequential loss resulting from cyber security breaches.
- Is designed to easily integrate with your existing insurance program and provides options for enhancing your cyber coverage based on your needs.
- Provides you with a complete online network security risk assessment, resulting in a comprehensive report of your company’s exposures.