Most businesses rely heavily on computers. They are used to store employee and client data, and for communicating with staff and customers. Due to all the essential information that is saved on computers, as well as the ability to use them to inflict financial damage, cyber security has become an increasingly important topic.Pennsylvania cyber liability insurance is a way to protect your company from cyber errors and cyber-crime. Here are some reasons why it is important.
Limits external exposure
Many general liability insurance policies exclude coverage for cyber liability. In the event a company’s security systems are externally breached, and financial or other proprietary date is stolen, there can be serious ramifications. Legal fees, settlement awards and the expenses associated with handling a PR nightmare could result. A Pennsylvania cyber liability insurance policy can limit exposure to all these costs.
Covers internal issues
It is also possible for a company to face costly computer related problems that impact only internal functions. An employee’s computer may get infected with a virus that spreads internally and shuts down the network. Your company can experience income losses as a result of this type of incident. This may cause systems or software having to be rebuilt, which can be very expensive. Cyber insurance policies can be written to contain coverage to handle these types of situations.
A Pennsylvania cyber liability insurance policy can protect a company from external and internal exposure to cyber errors and cyber-crime.