Wednesday, October 14, 2015

Cyber Liability Insurance And Why Businesses Need It

By Della Monroe


When the internet was created, there are only a few people who got a chance to use it. But as technological advancement continues to develop, more and more people are using it. Others even have ventured doing businesses and transactions online. With this, people can just easily buy what they want even if they are only sitting on their bed.

But there is no assurance that those transactions are safe from any outsiders who like to breach on the personal information of the buyer and seller. Not everyone knows if those transactions are overall protected and kept safe. There are a lot of thieves who could steal identities and use such identities to do crimes. There are already instances where several personalities are put behind bars due to crimes they did not even commit. Due to these extremely harmful threats, several companies are now offering cyber liability insurance Mississauga to assure the protection of your data.

This kind of insurance is designed to protect the data of the company especially if there is a sudden breach in the electronic data security. The system simply blocks off all the unauthorized users, programs, applications, or many more by accessing several information or software which are protected and used by a company. It covers theft on several data or a virus spread which could potentially hack their system.

Also, there are times wherein an employee gets confused and mistakenly sent a document to Client B when in fact it should be sent to Client A. This simple mistake could potentially ruin the reputation of a client or the company itself. But if you have this cyber cover, you are guaranteed that this simple mistake will be corrected.

This liability insurance is like the traditional insurance we have. One difference with the two is liability insurance protects and assures protection of the information in the cyber space while the traditional one protects and assures protection to tangible documents. Thus, whenever you lost a physical document, traditional insurance would cover the loss. But the information in the electronic data base of a company is not protected by the traditional one.

One main feature in this cyber liability is the complete protection given to company network. If networks are not protected completely, breach can be possible which could harm sensitive data of a person or transaction. This is the time where several people get arrested to the crimes they dont commit. And all of this is because of stealing identity from unprotected networks.

Thus, the system only limits the employees to the number of data they are allowed to access. Again, it blocks off potential programs, applications, viruses, or users from breaching in all those information. You are also assured your network will not be hacked.

A feature that was added recently in the coverage is the protection of information from electronic media. All of your business transactions are protected from defamation, copyright infringement, libel, invasion of privacy, and so many more. Also, all the websites are covered like the social media.

Therefore, liability insurance is really the one for you and your business. Remember, all business types could use this. Plus, you have the freedom to choose and customize a certain policy so you can design it to fit for your business needs. You probably think this is not useful as of this moment but will you wait for a bad thing to happen.




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