Businesses large and small are realizing many outstanding financial benefits that come with embracing Internet and network-based technology, and they are not the only ones. There is also a plethora of new risks posed by cyber thieves and other malevolent entities. In fact, the risk is perceived to be so great that FBI Director Robert Mueller recently stated that the danger of cyber attacks would equal or surpass the danger of terrorism “within the foreseeable future.” On top of that, businesses face the very real danger of “data breach,” which involves the pilfering, corruption, and/or publication of private or proprietary information. While commercial general liability policies may not provide the needed coverage against these threats, newer cyber risk policies do.
NOTE: Anticipating and adapting to new and evolving cyber risks places businesses at an advantage over their competitors.