Many people associate cyber liability insurance in PA with the popularized image of a shadowy hacker seated before a computer screen. Unfortunately, it is not that simple and your business could be at risk on several different fronts. Here are three incidents cyber liability can help modern businesses prepare for.
The stereotype of the shadowy hacker is not all wrong, a fact that has been obvious in the media over the last few years. Major corporations and trusted financial institutions have experienced large scale attacks, affecting thousands of people worldwide. However, even small business owners can benefit from this type of protection.
While you probably have a strict policy on storing and sharing electronic information, mistakes can still happen. Whether it is due to a technical error or the actions of an employee, your business is responsible if there are negative consequences for your clients.
Finally, cyber liability insurance in PA is designed to minimize losses due to system failures or repairs. As a matter of fact, many companies offer coverage to lower the cost of rebuilding your software, a process that might be necessary to prevent future malfunctions. During this time, your business may be forced to close temporarily, but your insurance policy can keep your budget on track despite recurring expenses.