January 14, 2016
Cyber security breaches can have a serious knock-on effect. Viruses or hacking can bring customer transactions to a standstill; critical data can be lost, corrupted or damaged; intellectual property can be compromised. Revenue and profits are likely to suffer as a result. There could be follow-on liabilities such as notification costs, fines for data loss, legal expenses, awards and damages to pay out. Thankfully, purpose-designed insurance products are now becoming available in response to a very real need.