What is Cyber Liability Insurance? If you are like me and most of the population, you are not completely sure. It is very much like technology in that it’s always evolving and expanding.
What’s apparent is Cyber Liability Insurance is quickly becoming one of the most important insurance policies a business can own. As computers become more powerful and people continue to be greedy, the information and financial resources a business must protect are becoming more and more exposed. Also, because employees are connected in real time and corresponding with so many more clients and prospects than any other time in history, they are sitting targets of thieves who count on them being overwhelmed and under vigilant.
Here at Sadler & Company, Inc., three of our clients recently experienced cyber-attacks that resulted in severe harm to their businesses.
We strongly recommend that businesses have a Social Engineering/Cyber Deception endorsement on their Cyber Liability Policy.
Cyber Deception results when you or someone in your organization, in good faith, transfers funds or your goods in lieu of payment to a third party under false pretense. This can be a result of electronic or telephone communications. Also, it covers theft of funds as a result of Cyber Deception.
Posted By: Paul L. Owens
3014 Devine St.
P.O. Box 5866
Columbia, SC 29250
1-800-622-7370 Toll Free