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How Cyber Insurance Is Moving Beyond Data Breaches
April 1, 2023

How Cyber Insurance Is Moving Beyond Data Breaches

If you are like most people, when you hear the term cyberattacks, you think of data breaches. You think of a hacker that undermines security systems to gain access to sensitive data. Most people think this way because the news only reports these types of breaches. 
Cyber Security
However, there are many other types of data breaches. They come with liabilities that need your business to have cyber insurance. 

How Cyber Business Insurance Covers Your Business 

Most cyber insurance covers data breaches. However, cybersecurity insurance usually goes beyond simply covering data breaches. The following are two coverage options that may come with your cyber insurance. 

Media Liability 

Whether you operate a restaurant or a dry cleaner, you can expose your business to media risks. Media liability isn’t limited to broadcasts or other types of media-related firms. If your business operates a blog or uses social media you could be liable for libel, slander, defamation or plagiarism.  

If this happens, your insurance might help you. Ask your insurance provider if your cyber insurance can help you with the lawsuit. 

Technical Errors and Omission 

Research shows that technical errors and omission claims constitute about 40% of the claims against cyber business insurance.  

In essence, technical professionals are responsible for liabilities that stem from them doing business. In the past, most people only associated errors and omissions liabilities with doctors and lawyers. However, with many people relying on tech professionals to help grow their business, specialists are often legally exposed. 

Other Measures You Can Take to Protect Your Business 

Beyond cyber business insurance, you can take additional measures to insulate your business. For instance, creating a media how-to package for your organization may help you reduce risks. 

Additionally, if technical errors and omission claims could be a problem for you, establish risk-reducing routines to help your team avoid risk exposure. 

Cyber business insurance isn’t simply for cyber breaches. Extra coverage included in the policy will help you protect your business from other risks, too. 

Texian Insurance Agency will help you find the right business insurance to protect all of your cyber assets. Give us a call for more information. 

Tags: Cyber Insurance

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