Companies are faced with significant risk from unseen threats such as viruses, hacking and other data breaches. Many businesses think their insurance covers the damages these attacks inflict, but unfortunately typical business policies do not. In their Thomson Reuters Westlaw article “Cyberattacks: Is Your Firm Protected?” Associate Renata Hoddinott and Of Counsel Howard Garfield discuss the risks businesses face when they are not sufficiently insured for cyberattacks.
Cyberattacks present two major data-related risks: “the risk of loss to the property of the business or professional, resulting in compromised operations, business interruptions and loss of revenue and the risk of loss related to privacy interests in compromised sensitive financial or personal information that belongs to a business’s customers or clients,” wrote Hoddinott and Garfield.
“You don’t need to be an expert – you just need to make sure you have someone on your team who is cognizant of these issues and can help you or your clients assess the risks facing your business in today’s ever-changing cyber threat world,” Hoddinott and Garfield added.
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