It’s almost impossible to find a business that doesn’t have some kind of online operation these days, even if it’s just a web and social media presence for marketing. More and more companies are going significantly further than that, though, providing platforms where customers can maintain profile information and place orders for goods and services, call for support for previous purchases, or request custom work. As these platforms develop, businesses that uses them to streamline the customer experience wind up facing liability for situations where their data is compromised by cybercrime in a way that results in damage to customers or even the business itself.
How To Buy Cyber Liability Insurance
Whenever you’re considering insurance options for online risks, it’s important to remember that most businesses incur both first and third party liability. That means you need insurance that addresses both risks realistically, and the balance of coverage needs between the two can differ widely from company to company, based on their actual online activities. That’s why it’s important you work with an insurer who understands first party vs. third party cyber insurance, one who can build a custom policy with coverage levels that suit your needs, without forcing you to over-insure one form of liability to get ample coverage on another front.