Cyber liability refers to the first and third-party risks presented with e-commerce, the web, networks, and general digital information. You can obtain cyber liability insurance to mitigate costs when information protection is breached and data exposure occurs. Anything from business interruptions to fraud, extortion, theft, privacy matters, copyrights, crisis management and general data storage risks fall into this overarching risk category. Here is the explanation about cyber liability insurance from computer solutions experts in Springfield, MO:
The Benefits of Cyber Liability Insurance
Anyone who owns a website has a legal liability as a publisher as well as a legal duty to safeguard client privacy. It is easy to make a website, yet making that website secure is a completely different challenge. The bottom line is cyber liability will continue to evolve and pose risk for every website and business owner. Cyber liability insurance coverage is meant for any business that stores or transfers personal or confidential information. If you or your company handle such sensitive information, you face a certain level of risk that you can mitigate with cyber liability insurance. In fact, this insurance has the potential to save your business in the event of a massive breach.
Why Cyber Liability Insurance is Different from Other Forms of Insurance
Regular liability products are not applicable to web exposure. The risks posed to online businesses and any business with a website are constantly changing. You need cyber liability insurance to round out your business’s insurance. You won’t have any form of compensation in the event of a cyber breach when you skip this important insurance. If you have questions or concerns about cyber liability insurance and other aspects of digital protection, computer solutions experts in Springfield, MO can help.
Cyber Liability Risks
If hackers are able to breach your system and obtain data about your clients, employees, visitors, and others, they will sell that information on the dark web or elsewhere. Personal information is valuable to identity thieves and other unscrupulous characters.
As an example, a full identity can fetch upwards of $80 on the dark web or the black market. If the hacker steals thousands of names and personal information, he can sell it for tens of thousands of dollars or more. Even a Gmail username and password can sell for $80. A Facebook username and password goes for around $300. If a hacker steals bank account information, he can sell it for anywhere between $15 and $850.
Credit cards with a thousand dollars of available credit sell for at least $25. Credit card information complete with the victim’s complete personal profile sell for around $80. These figures make it clear your organization’s client and staff sensitive data are worth big bucks, especially when stolen in bulk.
JMARK Business Solutions, Inc. can help you prevent them from happening. We can help you with your tech needs. We provide computer solutions for Springfield, MO companies, including help desk support, cloud computing, digital security, data backup management, server management and support and more. Contact us today to coordinate an initial appointment.