For a company with any of its operations relying on the work of technology and the internet, the threat of cybercrime can bring terror and fear. The world of the cybercrime is a dark and dangerous place, often affecting business productivity and finances before anyone realizes it. The dangers of being a victim include more than just a loss in your credibility and consumer trust. The financial burden can be devastating to your company. A cyber liability insurance policy is one to ensure your company has the funds needed to defend yourself in the event of a cybercrime attack.
Any crime involving the use of a computer is considered cybercrime. This can include the use of the computer to commit the crime, or the computer becomes the target of the crime. Given their experience in processing claims, the team at Caitling Morgan Insurance has identified eight of the major areas of crime committed this way:
The financial fallout from being a victim to one of these attacks can be a strain on limited company budgets. Clients may pursue legal action in order to recover their own loss and addition damages, while your company might spend an enormous amount of money working to restore security measures, paying for recovery of lost funds, or other expenses. An insurance policy tailored toward cybercrime can help with these situations.