What is Cyber Insurance?
Cyber insurance is a specialized form of commercial coverage designed for threats that come with conducting business over the internet. Policies generally help protect businesses in Vermont from data breaches and online attacks.
Cyber insurance is still a relatively new form of coverage. As businesses become increasingly reliant upon online data and processes, though, this coverage is becoming increasingly common.
What Businesses in Vermont Need Cyber Liability Insurance?
Most businesses in Vermont can benefit from having a cyber liability policy, for there are few businesses left that don’t use at least some online data. Even restaurants that take customers names and contact information via online reservation systems may want a policy in case diners’ details are ever compromised. Some other examples of businesses that may want coverage include:
- Medical offices and hospitals, which handle legally protected patient information
- Banks and financial institutions, which handle customers’ account numbers and details
- Stores and online retailers, which process customers’ credit and debit card numbers
- Real estate brokers and agencies, which handle clients’ real estate contracts
In addition to businesses, many nonprofit organizations and government agencies may also want to consider getting this coverage. Both nonprofits and governments frequently process highly sensitive data that they could ill-afford to have compromised in a breach or attack.