With the emergence of social media, utilizing cloud companies as vendors, and the use of the internet in general for virtually every business, network security claims have become a reality for all types of companies—small, medium, and large. Network security liability, commonly known as cyber liability, is becoming a more necessary and important part of any organization's liability coverage. Just ask Sony.
Who needs this coverage? Any business managing sensitive customer or employee information, third-party corporate information, a computer network, a website, or social media should consider network security liability coverage.
As a newer product, many clients may not understand what the coverage is for, and many clients mistakenly believe that their current liability policy will cover any potential cyber attack or "hacking" issues.
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