Cyber Liability

In today’s data driven world, protecting electronic information against theft or attack is a major concern among many businesses. As the transportation industry has become increasingly reliant on digital connections, they have increased their cyber security exposure.  Any company that transmits, collects, or stores private information is at risk for a cyber-attack.  For the trucking and transportation industry, that could include employee and customer information.  Just one stolen laptop, tablet, or one resourceful hacker can create enormous financial and reputational consequences for your business.

Here are several ways you can protect your business:

-1- Work with your IT professional to improve security measures and develop a written security policy, putting measures in place to safeguard private information.

For example:
Use passwords or physical locks to keep sensitive data accessible only to those who need it to do their jobs.
Deploy extensive network security and firewalls. Limit the use of portable technology and provide employees a VPN connection for access to company computers.
Train employees on proper care and control of sensitive data.

-2- Develop an incident response plan.

-3-  Consider a Cyber Liability policy.  Data breach and Cyber Liability are excluded under most traditional GL and Crime policies.  A Cyber Liability policy offers two major types of coverage.
      -First party coverage offers financial compensation to help you address immediate customer and business needs.
      -Third party coverage protects you in the event of a lawsuit brought by a customer or partner for data breach.

In the event of a data breach, Cyber Liability coverage allows you to focus on rebuilding and restoring your reputation without worrying about the related expenses.