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IT systems are now an intrinsic part of almost every business, but with the advent of these new technologies comes new risks. Cyber Liability is designed to protect your clients from these risks, and is essential for businesses storing sensitive information, such as personal and financial details.
There are numerous causes of data breaches, from human error and network failure to malicious attacks by hackers. When data is leaked, misused or lost, the consequences can spiral resulting in huge financial damages to your clients’ businesses. Cyber Liability can cover such things as:
- Regulatory fines for not sufficiently protecting data
- Claims for loss or misuse of data
- Loss of business and income due to the breach
- Crisis management including PR services and expert IT assistance
- Costs of recreating, recollecting or restoring the data afterwards
- Defense costs against claims
Not only are data breaches becoming more common, but organisations are increasingly being held accountable, so it’s vital your clients protect both their company and their customers’ privacy. To hear more about Cyber Liability and what risks your clients could be exposed to, get in touch with our advisors.