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Cyber Liability For Contractors – Credit card information isn’t the only data at risk

Many contractors believe that they have little exposure to cyber-crime if they don’t take credit cards or store credit card data. Unfortunately, hackers have many ways to profit from your information once they’ve gained access to your computer system.

Why contractors need to be concerned

It’s not just large financial institutions or retailers that get hacked. In fact, Verizon’s “Data Breach Investigation Report” states that 85% of targets are small businesses. There are a number of reasons hackers may want to gain access to your systems, including:

Once a breach or hijacking occurs, the inevitable costs due to business interruption, state regulatory actions, fines and penalties, notification requirements, ongoing credit monitoring, defense of claims by individuals or corporations for allowing access to their information, and public relations responses can be too much for a business to bear. Your cyber risk management plan should include strong network security, a response plan in case an attack on your system occurs, and a comprehensive Cyber Liability policy in place to cover your losses. A Cyber Liability policy won’t prevent an attack, but when one does occur you’ll have the expertise and funds to implement a swift response.

About the Author:  Laura Flowers has been a licensed agent since 2003, a Certified Insurance Counselor since 2007 and is currently working towards the Certified Risk Manager designation. Laura has been with Insurance Associates, a Marsh & McLennan Agency LLC Company since 2006 and works as both Underwriter and Account Manager specializing in mid-size construction and auto service and repair risks. In her free time Laura enjoys training in Thai kickboxing/Personal Defense, skiing and going on long bike rides with her daughter.