Major companies are not the only targets of cyber-attacks, an indication that hackers have shifted their efforts towards small, and mid-sized businesses here in Florida. This is due to easier accessibility with the same potential for high profits. This threat has been matched with a rise in the purchase of Orlando cyber liability coverage.
Cyber breaches, often in the form of a third party attack on a company, are common, and continue to grow in frequency as well as severity. If a hacker is able to gain access to a company’s network (where sensitive client information is stored) they’ll then be able to make fraudulent fund transfers, or secure this information to sell for identity theft purposes.
Cyber attacks aimed at all sized businesses
First party breaches also take place, and not always intentionally. For example, a highly trusted employee may take his or her laptop away from the office only to have it stolen. The problem is that the laptop contains private client information. In such a scenario your standard commercial general liability policies will not cover this loss.
Network breaches can cause costly business interruption
In the case of a cyber claim, given that the company affected will still be liable for any damages done, having Orlando cyber liability coverage will pay those damages. With more companies relying on electronic storage of client’s private data, there needs to be an understanding of the types of expenses and liabilities your company would face due to a breach of your computer network. A comprehensive cyber liability policy would be able to cover and protect you from an array of third- and first-party breach liability exposures.
You could also benefit by hiring cyber security professionals to conduct forensic analysis, which should determine the cause of the breach, and begin the reparation process of the affected network. While in this process, your business would experience a costly interruption of services. Orlando cyber liability coverage would reimburse all notification and forensic costs as well as restoration and business interruption costs.
Our technological advances provide great opportunities for businesses, but are being abused by thieves and criminals seeking opportunities, opening up companies such as yours to a new set of liability exposures.