Technology has become such an integral part of our lives and our businesses that it seems that we cannot get away from it. As business owners it is becoming more common for us to deal in virtual tender. We are constantly using and handling highly sensitive data like bank account, debit card, and credit card numbers. With this virtual info the threat of breaches in security for you and your clients is great. You need to know what to do in order to protect your business and your clients no matter what may come.

When you deal in the cyber world your company is responsible for the care of your customers’ information as well as the responsibility to keep your end of the process up and running. Some ways to do this is to train your staff and contractors to respect and be careful with information that they are dealing with. In fact, sensitive data should not be handed out to just everyone. Only management and the individual account managers should have full access to the info for the customers that they deal with on a daily basis. Firewalls and security backups for your system should be a top priority. These will help stop problems before they happen.

The best way to have the protection you and your clients deserve is to make sure you have a good Cyber Liability Insurance policy in place. This type of business insurance makes sure that when if a breach happens both you and customer’s info and money will be protected. Here is a little info on what Cyber Liability is and what it means to your business. Also some important tips to help protect you and your clients when it comes to cyber related information.

Types of Cyber Liability Insurance

Cyber Liability Insurance is typically offered in two primary forms – third party defense and first party coverage. These two types coverage cover you in two different ways. First party coverage provides monetary compensation so that your customer and business needs are immediately addressed. This is especially helpful if your tech support system was to go down. It allows you and your customers to be compensated for lost time and money because of the down time.

The second type of coverage is Third Party coverage protects you from legal repercussions brought on when a data breach that was caused by negligence or faulty actions brought on by your business.  This could help you make reparations from court cases and there judgments, settlements or other related costs. These types of insurance can be used together or separately depending on what you feel your company’s needs are.

No matter what business you work in today you need to be aware of what cyber responsibility involves, how it can affect your business, and why you need Liability insurance. Here at The Hoffman agency we strive to help you protect what matters to you. We are here to help you get the coverage you need for you and your business. Contact us today to find out more.