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If your business suffers a data breach, you may see yourself as the victim. But there could be a different perspective for customers or employees whose data has been compromised. They may view you, the business owner, as responsible for not properly safeguarding their confidential information. Would your business be prepared for the related lawsuits?
Learn more in this video:
Security and Privacy Liability Coverage
Cyber liability insurance with security and privacy liability coverage provides protection for third party claims alleging liability resulting from a security and privacy wrongful act. This includes the failure to safeguard electronic or non-electronic confidential information, or the failure to prevent virus attacks, denial of service attacks or the transmission of malicious code from your computer system to the computer system of a third party.
If your business suffers a data breach, lawsuits could be filed against you for failing to safeguard confidential information.
Consider this scenario:
A restaurant manager stores employee records, including names, dates of birth, and social security numbers on a flash drive to review payroll records — and does not take precautions to encrypt or otherwise protect the stored data. The manager’s laptop and flash drive containing the sensitive data are stolen from his car. After being notified of the breach, several employees file lawsuits against the restaurant and the manager for failing to safeguard their personal information. Cyber Liability insurance would pay for the defense costs and settlements incurred in the lawsuits.
At a time when technology and the risks associated with it affect every person and business, Society Insurance provides leading-edge Cyber Liability insurance with comprehensive data security and privacy coverage.
To learn more about this important coverage and other small details that make a big difference, contact your local Society Insurance agent.
Data Security Education
There is no time like the present to educate yourself and your employees on the importance of data security. Click here for data security resources for your business.
The Internet is the critical piece for today’s business. for data storage and sending information. the liability issues don’t just slam your company’s financial condition but can hurt your reputation, image, and brand, as well. This insuring agreement envelope the insured’s liability for harm resulting from a data violation.
The information security and privacy liability insuring agreement is the true responsibility coverage part of a cyber and private insurance policy because it rewards actual liability losses assisted from claims made against the insured by various parties.