“Do I need cyber liability insurance?” might have been an applicable question over a decade ago, but today’s business climate dictates that it’s a necessity. Thanks to the nature of your industry and the multiple lines of liability each firm faces, you need a robust cyber liability component in your staff insurance package.
Safeguarding Your Clients’ Interests
Your relationships with your clients are built on value and trust. You provide them with beneficial products and services through the labor of your contract employees. Whether it’s fiduciary tasks, information security solutions or other essentials, cybersecurity is an integral part of the picture. As technology advances, you can provide more advanced services for clients. At the same time, your risk picture also becomes more complicated.
Your indemnity protection must include security and privacy liability coverage for claims arising from lost or compromised data due to network and data security breaches, regardless of whether the damage results from accidental exposures or malicious intent. Your policy should handle claims-related costs such as:
- Notifying impacted parties
- Data and system restoration
- Public relations issues
- Regulatory complianceNot only that, your staff insurance provider should offer risk analysis and recommendations for both prevention and appropriate responses to data breaches.
Your customers are placing a great deal of responsibility into your hands. As part of your staffing company’s insurance plan, you need strong security and privacy coverage. It’s a vital part of safeguarding your future in the face of constant innovation and increasingly more sophisticated threats.