As a modern day business owner, you’ve likely felt the push to become more web-involved. The Internet seems to be where businesses are concentrating efforts, whether they involve revamping your website to keep up with the competition or creating social media accounts to attract a new audience. Of course, charting a new business course presents new risks. Navigating the Internet can be difficult enough when dealing with multiple accounts, email marketing and search engine optimization, but you’re also responsible for protecting the information that you store there. Cyber liability insurance may be the answer.
The Risk of Internet Business
Contrary to popular belief, nearly all businesses are susceptible to a cyber attack and your general liability policy may not cover the associated risks, which include loss of control over sensitive customer data.
To understand what protection cyber risk insurance provides, you must first understand the risk you face as a business. Cyber attacks don’t necessarily occur in the ether of Internet. Cyber attacks can also include computer hardware problems, communication media errors, system backup and operating system errors and even errors and fraud invoving internal people like system administrators.
A company can face three common types of cyber risks: