The Facts on Cyber Liability Insurance

August 4, 2014

With our heavy technological dependence, it is imperative that you take the necessary precautions to fully protect your business from cyber-attack. Cyber-attacks have become more common and can be very difficult on companies of all sizes. There are a variety of myths surrounding cyber liability insurance.  Here are a few things to keep in mind:

• Despite popular belief, cyber liability insurance may be less expensive than assumed. Depending on the amount and type of coverage your business requires, your cyber liability insurance policy may be less expensive than other insurance policies you already have.
• Cyber liability insurance policies provide much more coverage than people assume. A good policy can cover all aspects of a cyber-attack and prevent your company from enduring enormous unexpected costs.
• Cyber liability insurance can act as a risk management team to react quickly and respond at the first signs of a breach or other trouble. If you store any personal client information online or on a computer, this is important for you to have. Recent cyber invasions of companies have left customers feeling scared and vulnerable, not knowing who has access to their personal information.
• If you think that you would not be held responsible for a cyber-attack because you do not host your data yourself, you’re misinformed. You are still responsible even if you store your data in the cloud.
• Despite popular belief, your general liability policy will not cover you for cyber liability. Typically, your general liability insurance policy will specifically exclude cyber liability including any harm made from Internet exposure.

At Central Insurance Agency, we understand the importance of protecting your biggest investment – your business. Contact us today for all of your Austin, Texas business insurance needs. We can help you purchase a cyber-liability insurance policy that will adequately protect your business’ intangible assets.