As the Internet is steadily becoming a critical delivery channel of information and e-commerce it is also increasing a company’s liability to network damage, theft and disclosure of personal & corporate information. This liability can ultimately have long lasting effects on a company’s reputation, operations and financials
Traditional insurance policies may not provide adequate coverage with respects to network liability or disclosure of identifiable personal and confidential corporate information. Most polices require there to be direct physical loss or damage to tangible assets to trigger coverage. Therefore, specifically tailored E&O policies should be considered as part of a comprehensive risk management program to fill any potential gaps in coverage.
Exposures and risks associated with owning and operating an Internet business and/or website are vast, some of these risks include:
- Network Damage / Cyber Attacks – any company connected to the Internet is exposed to hacker and/or virus attack which can result in damage or destruction of confidential client or corporate information.
- Theft/Disclosure of Information – a rogue employee or hacker can access a company’s database and steal large quantities of confidential information.
- IP & Content – by disseminating information to the public via a website, company’s now have some the same exposures as publishers. These exposures include: copyright infringement, defamation and invasion of privacy.
Krauter’s cyber liability experts work with clients to understand their unique needs and ensure they are property protected in the event of a cyber breach.