Cyber Insurance Can Benefit Your Business

Cyber liability is a risk that every business faces today. You do not have to be a technology company or an online retailer to have cyber liability risk.  According to the latest studies by insurance experts, firms with 50 or fewer employees are the most at risk of having a loss due to lack of controls and security. In fact, your business has a greater chance of having a cyber loss than it does of having a fire.

Cyber Liability Risk Management

We recommend that every business consider cyber liability insurance as part of their protection against a cyber-attack.

  1. Read your cyber liability policy. It is important that you understand your cyber coverage and how it works before a loss occurs.
  2. Select an independent broker to help you design a product that fits your needs, including deductibles levels.
  3. Develop a cyber preparedness plan to help manage a data breach. Once a breach occurs there should be clear procedures for employees to follow.
  4. Report the claim as soon as it’s discovered to your cyber liability insurer. It is also a good idea to submit a claim to your other commercial liability insurers as well.
  5. Protecting your client’s information should be your first priory. Make sure you have proper coverage for notification costs and legal fees as part of your cyber liability policy.
  6. Your cyber insurance should also cover breaches arising from mobile devices.
  7. Look for coverage that does not have contractual liability exclusions.

Thanks to Anderson Kill for providing some of this information.

Armstrong Timeshare Association (ATA) has been created exclusively for timeshare resorts and HOAs and to assist timeshare resort risk managers and brokers. Our products include comprehensive insurance programs designed specifically for the Timeshare and HOAs industries and the distinct insurance profile for which, often times, basic insurance does not adequately cover. The ATA program includes a property restoration component for major losses assuring minimal downtime and loss mitigation.