It is hard to believe how anything in business got done without today’s technological advances. In the past we had to rely on the US Mail, phones and more recently, the fax machine to get information from one person to another. Now in the age of instant communication, we have email, text messages and the ever important Facebook post to get our messages across.
With all the advances in technology, we are able to get more done in less time, and in many cases, with fewer people, than ever before. While our technology changes and improves, have you kept up with the new risks your business faces?
A phrase that comes up with increasing frequency is “Cyber Liability”, but what exactly is that and should you as a business leader be concerned? Cyber Liability is essentially the exposures faced by companies from their online activities. Once thought to be only needed by the “dot coms” of business, any company that routinely uses the internet as a business tool has new risks for loss such as:
- A hacker breaking into your network and stealing sensitive customer information
- A virus on your computer network shuts down your operations, leading to a loss of revenue
- An employee posts negative comments about your biggest competitor on Facebook and you are sued for defamation of character
Evaluating exposures to loss and developing a plan to mitigate the risk is a critical service that Texas Associates Insurors provides for our clients. Insurance policies may be a big part of your overall risk management plan, but if those policies haven’t kept up with the changing times, you may be more exposed than you know.