Cyber-Liability – Just the word has a science-fiction sound and feel to it! Add the bitcoin ransom requests we hear about every day and I wonder if I have entered some sort of Twilight Zone. Be that as it may, the truth is every business, large, small and in-between, is subject to some sort of cyber liability claim.
If you use a computer to send, receive or store electronic data, your business is at risk. Tax records, company documents, customer information, etc., all such data can be lost, damaged or stolen. Most of us have our employees’ information stored: social security numbers, health records, maybe even credit card numbers. Regardless of how the information is lost, restoring it is likely to be both time consuming and difficult. Bad enough to think about losing our data, but that thought can quickly morph into a nightmare when we realize that a data breach can be the onset of third-party claims and/or lawsuits.
Deciding what to do about our cyber loss exposures is the question, not if we have any exposures.