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Cyber Security - Managing Off-Site Access

COVID-19 may have changed the corporate workplace structure as companies evaluate the necessity of office space. With a high percentage of employees working from home, cyber security again takes the center stage as companies are challenged with managing outside threats and the subsequent risk involved with allowing employees off-site to connect through VPN’s and Firewalls.

The standard Property & Casualty Policy does not afford coverage for cyber risks; therefore a cyber liability policy was introduced. The cyber liability policy is designed to provide coverage for financial losses that results from data breaches and other cyber events. Most cyber policies will provide first-party and third-party coverages. In most cases cyber liability is overlooked as insureds think they have coverage elsewhere or they are not susceptible to a cyber breach.  However, a claim can be catastrophic to a business in numerous ways and it may not be able to recover for years. It is important to analyze and understand your cyber liability exposure.  

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