Cyber Liability Insurance is presently the fasted changing liability arena. Because commercial and personal underwriters limit online activity coverage, insurance customers are encouraged to purchase separate cyber liability forms and endorsements that include protection for:

• Libel
• Slander
• Infringement of Copyright
• Invasion of Privacy

In addition, coverage is necessary for exposure to hackers’ infiltration that leads to theft of third party information (i.e. social security, credit card, health data).

RELATED: how to protect from id theft

The following related claim examples can happen anytime in any business.  

NJ and NY Cyber Liability Insurance Claim Scenarios:

• A secretary at a skin doctor’s office was fired. Intent on revenge, the woman made off with a laptop that contained the medical records of hundreds of patients. The former employee posted some of the data on the practice’s Facebook page. After viewing his personal info posted publicly, one particular well-known community member decided to sue the physician for hundreds of thousands. Besides this sum, the doctor was forced to pay a $250,000 fine for professional violation.
  
  
•  A not for profit social service agency offering counseling to the poor and free medical and drug abuse treatment services was hacked, despite the security precautions in place. The hacker began selling personal info online. The agency was forced to spend tens of thousands on defense costs in a state hearing. The hearing ended with a determination that the agency must pay a $35,000 fine.
  
  
• An upscale restaurant’s computer system was hacked by a waiter who gathered customer names and credit card info over the duration of six months. When the activity was finally discovered, it involved notifying thousands of victims. The customers brought a class action suit against the restaurant for all financial damages, as well as credit monitoring and recovery of funds and expenses sustained by id clearance.
  
  

For more information about Cyber Liability, speak to an experienced independent agent.

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Summary: Cyber Liability insurance has become a vital form of coverage protection for the business world.