If you run an online business, then you have a responsibility to keep all your customers’ information private and protected. But even the best laid plans for the protection of private data can be impacted by aggressive cyber criminals who break down your security defenses and distribute customer name, address, credit card number and other data.
Because data is intangible, many business owners overlook it when developing plans to protect themselves from liabilities. But the damage that can be done when your client’s personal records are stolen is vast, and as the keeper of this data, it is your company that will be on the line for losses they experience as the result of a security breach.
Cyber liability insurance protects your business from the losses associated with hackers stealing client data, but its wide range of digital age protection doesn’t end there. It can also protect your business against:
- Copyright infringement claims
- Damages that result from a virus accidentally distributed by you or one of your employees
- Accusations of slander
- Various other problems introduced by digital business platforms.
Some policies even provide benefits that pay for public relations expenses while you recover the image of your company after accusations of slander or security breaches.
Preventing Cyber Liability Claims
Of course, cyber liability insurance policies don’t protect you against the events behind the claims—that is something you need to handle on your own. Some ways that you can reduce the likelihood of a claim are:
- Completely destroy hard drives with unused client data stored on them.
- Limit the amount of sensitive data you collect from clients to that which is vital to your business operations.
- Utilize plagiarism checking software before posting web content.
- Keep the virus protection software up-to-date on all company computers.
- Avoid making negative statements about clients or competitors in email or on company blogs.
The internet has opened up a whole new world of business opportunity, and a new world of business liabilities has quickly followed. Protect your business and employees by taking preventative measures to stop cyber liability claims before they happen. And because you can’t control every situation, invest in a cyber liability policy that covers your potential risks so that you can protect your business if one of these claims gets through.
Make sure your customers and your business are safe with Oklahoma City Insurance from Strunk Insurance today.