Doing business online has always come with unique risks, and that’s why the cybersecurity industry is such a big player in the modern enterprise tech toolkit that companies rely on. It’s not enough just to employ professionals and state of the art software tools, though, because online fraud and malfeasance are constantly evolving. That means no matter how good your protection, there’s always a real chance it will be bypassed on a long enough timeline. That’s why network security insurance exists, to protect you against risks unique to doing business online, like spear phishing. While your general liability policy probably carries some protection against fraud and might even specifically mention cyber fraud, most general liability policies do not have a complete and comprehensive approach to coverage against network incursions, fraud, and other online risks.
Going Beyond E-Commerce
Doing business online is more than just making sales and processing payments. Even if your company doesn’t actually close any deals online, your network infrastructure is likely playing a big role in how your employees work, and also in how customers communicate with you both during a deal and in between them. In both of those cases, the protection offered by network security policies is important, and the possible losses might exceed your general liability limits if they are even covered. If you don’t have specialized network protection in your insurance coverage, now is the time to explore the option.