We live in a world where nearly every business has an online presence. This results in many opportunities but also allows great threats - cyber threats. Cyber threats are more dangerous than ever, they can destroy your business and livelihood at the blink of an eye. But there is hope in cyber security and the protection & coverage that it offers. Let’s take a look at some of the threats your small business faces nearly every day:
Errors & Omissions
This category covers businesses from errors and omissions within their company’s services. This may include technology services, such as software & consulting, or more hands-on professional services such as lawyers, doctors, architects and engineers. This would include negligence, inaccurate advice, misrepresentation, or a violation of fair dealing. For example someone could sue you as a real estate agent for negligence because you forgot to include important details about a home they just bought.
Media Liability
Media Liability claims are advertising injury claims such as infringement of intellectual property, copyright/trademark infringement and libel and slander. This category used to be grouped within general liability policy but because of the internet’s present effect on the world, it is now its own category. Coverage can extend to offline content as well. For example, if an insured uses a photo taken in front of a famous sports stadium for a print advertisement, that sports team could sue the insured for brand appropriation.
Network Security
If you’ve had a small business for a while, you’ve probably had a network scare at least once. A failure of network security can lead to many different exposures, including a consumer data breach, destruction of data, virus transmission, and cyber extortion. A person may be trying to sabotage your business for financial or political gain. Network security coverage can also apply if you’re holding trade secrets or patent applications for a client, and that information is accessed due to a failure of your security. An example of this would be phishing emails. It only takes one employee to click on a link within a phishing email that allows malicious software to start spreading throughout your network.
Privacy
This category doesn't stay within the technology base the rest do. Privacy could be a breach of privacy due to data that is stolen from papers in the garbage that someone found, or human errors such as a lost laptop with personal information, or even sending a customer’s personal file to the wrong email address. Companies have also faced liability from returning a photocopier with a hard drive that contained wiped customer tax records. This may seem extreme but all it takes is that information in the wrong person’s hands and they could use that against your business.
Cyber Liability Coverage can provide you with access to professionals who can help guide you through how to handle a breach, minimize losses, and when necessary, handle demands for ransom. Our professional staff here at Danskin would be more than happy to sit down with you and discuss how cyber security could benefit you and save your business. If you’d like to learn more about Cyber Liability, visit our website or call today to speak with one of our professional agents.