The advent and subsequent ubiquity of computers has changed the world. What about insurance?
Traditional insurance policies may not be equipped to handle cyber liability or data loss because those little zeros and ones are typically not considered to be physical/tangible property.
What’s this all about?
Imagine your computer crashes and you lose all of your data. Is your traditional “physical loss” business policy going to pay business interruption or for professionals to help “rebuild?”
That’s on the first party side (see Lesson 8). On the third party side, cyber liability is HUGE. Just check the news to find out who is latest mega-corp to get hacked and have its customers’ information leaked. This can type of loss can literally bankrupt a company.
Check your policies. Are you covered for computer-age losses?