Error Omissions
Error Omissions
Submit your information below so we can contact you with a FREE quote
[All fields are required.]
Actual Annual Revenue:
Verify:
=
I have read and agreed to theTerms & Conditions
Error Omissions
Error Omissions

Cyber Risks for Today’s Professional

Cyberrisk is a term used to describe the risk of doing business over the Internet.  It includes risks associated with hacking, unauthorized disclosure of confidential information and general identity theft.  Professional Service Firms should consider purchasing insurance to protect against these risks. 
A cyberrisk insurance policy is an errors and omissions insurance policy designed to cover some of the risks noted below:

Hacking

Any computer that is connected to the internet is subject to hacking risks.  Even if you have firewalls and other devises to protect you, you are at risk of someone obtaining data or other information that can be used in a malicious manner.

Unauthorized Disclosure

As a professional , you maintain client data and other information that may be valuable to others.  This information can contain social security numbers, financial data, healthcare information or even business strategies and trademarks.  A professional can be sued for the harm incurred by their clients which can include fines and penalties, repair of their image as well as hard costs such as client notification and credit monitoring required by law.  These costs can be signficant. 

Cyber Extortion / Hostage

Cyber thefts often will steal data from a client computer, bank account or laptop and then use that data to extort money in return for agreeing to return or not use the data.  Often these individuals really have no intention of doing anything with the data, but are just looking for money.  This is common with banks, hospitals and other companies that maintain sensitive data.

A cyber risk insurance policy can provide peace of mind relating to these exposures.  A very benign disclsoure or breach can cost hundreds of thousands of dollars for even the smallest companies.  For larger companies, these costs can be millions.

Comments

comments

Blogged on: November 5, 2010 by Mike Smith
Error Omissions
Error Omissions
Submit your information below so we can contact you with a FREE quote
[All fields are required.]
Actual Annual Revenue:
Verify:
=
I have read and agreed to theTerms & Conditions
Error Omissions
Error Omissions