Cyber Attacks/Data Breach
Is your Company Prepared for a Cyber Attack and a Catastrophic Data Breach Loss?
The internet offers one of the greatest temptations of our time. The allure of an expansive borderless marketplace with limitless potential to reach an endless supply of fresh new clients is the driving economic force in today’s electronic economy. With the rapid expansion away from the traditional brick and mortar business models comes great financial rewards as well as the potential for great risks often times greater than the financial success it brings to the company without proper planning and risk assessment. Like the evolving technologies driving the internet marketplace, so is the expansive legal and liability obligations facing a company should they experience the ill effects of a cyber-attack in today’s complex legal and financial environment companies find themselves in today. Data breach can impact a business in so many ways simultaneously, requiring a company to direct all of its manpower and resources to meet the new legal requirements of direct written notifications and the mailing costs to those affected by the data breach, identity protection solutions, legal and liability defense costs that can lead to lawsuits, public relations and damage to corporate branding and a web of evolving laws and regulations that are put in play after an attack has occurred.
Companies need to develop specific IT solutions to mitigate and monitor their internet exposures and protect the valuable financial data of their client base as well as their own proprietary data. The expanding Cyber Liability Insurance marketplace is evolving to meet the comprehensive risks exposures facing businesses who actively transact on the internet and work to access and design the right coverages to protect against the burdensome financial loss of a cyber-attack and data breach.