cyber-security-1784985_1280Cyber Insurance Can Benefit Your Texas Business Cyber liability is the risk that every business faces today. You do not have to be a technology company to have a cyber liability risk.  According to the latest studies by insurance experts, firms with 50 or fewer employees are the most at risk of having a loss, due to lack of controls and security. In fact, your business has a greater chance of having a cyber loss than it does of having a fire. Cyber Liability Risk Management We recommend that every business consider cyber liability insurance. As businesses consider protecting themselves against cyber-attacks, it is important to understand what actions should be taken once a cyber breach occurs.
  1. Read your cyber liability policy, so you understand the coverage. It is important you understand the cyber risk coverage and how it works before the loss occurs.
  2. Select an independent agent like our agency, to help you design a product that fits your needs, including deductibles levels.
  3. Develop a cyber breach policy to help manage a data breach. Once a breach occurs, there should be a clear procedure for employees to follow. This would include notifying clients and vendors.
  4. Report the claim as soon as possible to your cyber liability insurer. It might also be a good idea to submit a claim to your other commercial liability insurers as well.
  5. Protect client’s information should be your first priory. Make sure you have the right coverage for notification and any legal fees as part of your cyber liability policy.
  6. Your cyber insurance should also cover breaches arising from mobile devices.
  7. Look for coverage that does not have contractual liability exclusions.
J.S. Edwards & Sherlock Insurance Agency enjoys a rich heritage dating back over 100 years proudly servicing all of Southeast Texas. A combination of two family-owned agencies built on the values of their founders, the firm is now one of Texas’ leading Independent Insurance Agencies. Thanks to Anderson Kill for providing some of this information.