Cyber Liability Insurance – Security and Privacy Liability Coverage

If your business suffers a data breach, you may see yourself as the victim. But there could be a different perspective for customers or employees whose data has been compromised. They may view you, the business owner, as responsible for not properly safeguarding their confidential information. Would your business be prepared for the related lawsuits?

Learn more in this video:

Security and Privacy Liability Coverage

Cyber liability insurance with security and privacy liability coverage provides protection for third party claims alleging liability resulting from a security and privacy wrongful act. This includes the failure to safeguard electronic or non-electronic confidential information, or the failure to prevent virus attacks, denial of service attacks or the transmission of malicious code from your computer system to the computer system of a third party.

If your business suffers a data breach, lawsuits could be filed against you for failing to safeguard confidential information.

If your business suffers a data breach, lawsuits could be filed against you for failing to safeguard confidential information.

Consider this scenario:

A restaurant manager stores employee records, including names, dates of birth, and social security numbers on a flash drive to review payroll records — and does not take precautions to encrypt or otherwise protect the stored data. The manager’s laptop and flash drive containing the sensitive data are stolen from his car. After being notified of the breach, several employees file lawsuits against the restaurant and the manager for failing to safeguard their personal information. Cyber Liability insurance would pay for the defense costs and settlements incurred in the lawsuits.

At a time when technology and the risks associated with it affect every person and business, Society Insurance provides leading-edge Cyber Liability insurance with comprehensive data security and privacy coverage.

To learn more about this important coverage and other small details that make a big difference, contact your local Society Insurance agent.

Data Security Education

There is no time like the present to educate yourself and your employees on the importance of data security. Click here for data security resources for your business.

Author

As a mutual insurance company, we operate and exist for the benefit of our policyholders. For more than 100 years, Society has been helping businesses overcome the unexpected with comprehensive coverage packages and outstanding claims handling, underwriting and risk management.

Latest Articles

How Much Insurance Do You Need for Your Business?

When business owners look to purchase business insurance, they often ask, “how much insurance do I...

What To Know About Baffle Filters in Your Commercial Kitchen

Did you know that grease-producing kitchen cooking appliances must have UL-listed baffle filters...

Seven Essential Questions to Ask An Insurance Agent

Every industry comes with its own unique set of challenges when it comes to insurance, and the...

Five Examples of How to Start a Continuing Education Program

Continuing education (CE) comes in many different forms, depending on the industry. But one thing...

5 Meaningful Benefits to Attract Quality Employees

It’s no secret that the role benefits play in attracting quality employees is growing. Benefits...

HOW TO PREVENT CRIMES IN RESTAURANTS AND BARS

Restaurants and bars are often targets for robbery, burglary and theft. These businesses can ...

Why You Should Inspect Your Restaurant’s Seating

 Ensuring your restaurant seating is solid and safe is an often overlooked aspect of owning a...

Five of the Most Common Workplace Injuries for Young Workers

Young or newly hired employees are getting injured more often than older, more experienced...

How to File an Insurance Claim & What to Expect

In the event that somebody is injured or property gets damaged, it is of utmost importance to...

4 Ways to Improve Remote Offices

Remote work, also known as ‘work from home’ or telecommuting, has become increasingly...

Stay up to date with industry updates by subscribing to the Society Insurance blog!