Most Businesses Underestimate or are Unaware of the Common Cyber Threats that are Targeting their personal information across social media, and internet connected devices ranging from laptops, smartphones,tablets, and desktops to voice assistants that include refrigerators and thermostats.(Chubb 2018 Survey)
The Colonial Pipeline was taken down due to 1 unsecured password.
Businesses have a Cyber Exposure due to some or all of the following:
- Collection of private information on employee's, clients, vendors, etc.
- Data Storage on computers, hard drives, flash drives, disks, CD-ROMs, tapes, laptops, tablets, personal device accessories and third-party locations (i.e., Cloud)
- Website and/or social media presence
- Access to the Internet, sharing data and/or communicating with others via the Internet
- E-Commerce business transactions
- Errors and Omissions or Professional Liability Cyber Exposures
- Internet Of Things (IOT) and the communication systems through imbedded chips such as smart homes
If your business has ANY of these exposures than it needs Cyber Liability insurance.
The Value of Cyber Assets may be Greater than the Value of Business Personal Property
Cyber Assets are all types of electronic data including intellectual property.
Intellectual Property is basically the product of human intelligence that has an economic value.
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