Cyber Insurance Is No Longer Optional

Cyber Insurance Is No Longer Optional

If you don’t carry cyber security insurance you’re going to be sorry.

Cyber insurance is no longer an optional coverage for businesses. It’s not optional for insurance clients, and it’s not optional for insurance agencies. With hackers always keeping up with the latest in cyber-technology and the Internet evolving into the thing that we interact with every day, it’s more important today than ever. With insurance companies following their policy to the letter and allowing 0 leeway, your normal liability insurance won’t cover any damages that transpire through the online world. Know why you need cyber insurance when it comes to your business—no matter if you’re a small home business or a large corporation.

The great burger joint known as Five Guys got hacked, and the hackers stole credit card information. When Five Guys made filed their claim, the insurance company said that there was no property damage, and the coverage did not apply to loss of data. The court upheld their decision because the policy’s language was unambiguous; albeit, cyber security did not exist at this time, but should they have had this kind of insurance they would have been covered for these losses.

Insurance agencies aren’t immune to this kind of coverage either. With so many clients, they’re like a goldmine to hackers. Social security numbers, salary data, home values, names and ages of children, driving records, and pretty much all information that one would need to steal your identity is hidden within the walls of your insurance company. Having the right security and the right coverage are crucial in keeping your business safe.

We at Perry & Carroll know the importance of cyber security and the very real threat that it poses to your business. Be sure to contact us for all of your insurance needs before the holidays!