Cyber Liability Insurance

Cyber liability insurance is specifically designed to address the risks that come with using modern technology. The level of coverage your business needs is based on your individual operations and can vary depending on your range of exposure. Your cyber liability insurance policy can be tailored to fit your unique situation and can be written to include the costs of disclosure after a data breach. If your company stores data and information digitally, you should have a cyber-risk management program that addresses prevention, disclosure, crisis management and insurance coverage in the event of a data breach. Good cyber risk management requires the planning and execution all three of these components.

  • Develop Strategies to Prevent a Data Breach
  • Know Your Disclosure Responsibilities
  • Your Crisis Management and Response Plan

Know Your Disclosure Responsibilities

While lean manufacturing has become a cornerstone of successful supply chain management and a way for businesses to stay flexible and responsive to changing tastes in their markets, the dependence on and relationship with suppliers resulting from outsourcing and minimizing stock creates a host of exposures. Successfully navigating and managing the risks presented by a convoluted supply chain that spans across regional, national and especially international territory is a complicated endeavor considering the countless precarious factors that can cause disruptions or liability issues across the entire supply chain.

Your Crisis Management and Response Plan

Preparedness is key when developing your cyber risk management program. When you experience a data breach, you need to be prepared to respond quickly and appropriately. This is where your crisis management and response plan come into play. Determine when and how the breach occurred, what information was obtained and how many individuals were affected. Then assess the risks you face because of the data breach and how you will mitigate those risks. While managing a crisis, let your clients know what actions you are taking, but also be sure you’re not disclosing too much information. It’s a delicate balance. Focus on improving future actions—this will restore trust in your stakeholders and clients.

Market Financial Group, LTD. can help you every step of the way. Contact us today to get started +1 888 459 3301.

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