Cyber Risk / Network Security & Privacy Liability Risk Management

As the Internet is steadily becoming a critical delivery channel of information and e-commerce it is also increasing a company’s liability to network damage, theft and disclosure of personal & corporate information.  This liability can ultimately have long lasting effect on a company’s reputation, operations and financials

Traditional insurance policies may not provide adequate coverage with respects to network liability or disclosure of identifiable personal and confidential corporate information.  Most polices require there to be direct physical loss or damage to tangible assets to trigger coverage.  Therefore, specifically tailored E&O policies should be considered as part of a comprehensive risk management program to fill any potential gaps in coverage.

What is Cyber Liability E&O Insurance?
Cyber Liability addresses first-party and third-party risks associated with e-business, the Internet, networks and informational assets. Cyber Liability Insurance coverage offers protection for exposures arising out of Internet communications.  Cyber Errors & Omissions coverage can be tailored to meet a company’s needs based on their exposures.

Some Risks to Consider
As the Internet has evolved so have exposures and risks associated with owning and operating an Internet business and/or website.  Some of these risks include:

  • Network Damage / Cyber Attacks – any company connected to the Internet is exposed to hacker and/or virus attack which can result in damage or destruction of confidential client or corporate information. 
  • Theft/Disclosure of Information – a rogue employee or hacker can access a company’s database and steal large quantities of confidential information.
  • IP & Content – by disseminating information to the public via a website, company’s now have some the same exposures as publishers.  These exposures include: copyright infringement, defamation and invasion of privacy. 

*Some of a company’s most critical assets are intangible; electronically stored information.  In fact, a significant portion of any company’s value is tied up in its electronic information assets – as much as 70% in some cases according to Gartner, Inc., a preeminent technology research and advisory firm.

MORE INFORMATION? CONTACT US.
For more information about Krauter & Company’s Cyber Liability capabilities, send your request to: info@krautergroup.com

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