Technology professionals are organizations that bring technology to us. They develop technology and related services for individuals and organizations, and effectively bring this technology to our everyday lives. These organizations need professional liability and other specialty coverages to protect themselves from technology exposures. Professional services include:
Software as a Service/Web Services
Process Control & Robotics
Specialty insurers have created a range of technology E&O products for these professional organizations, and many have added additional cyber risk coverages as well.
Users – Cyber Risk Insurance
Cyber Risk Insurance provides protection to all types of organizations from the inadvertent disclosure and theft of confidential information, such as social security, bank account and credit card numbers, and from damage to or destruction of computer systems and data from computer viruses, hacking and criminal activity. Cyber Risk Insurance is sometimes called Data Breach, Network Security or Privacy insurance.
Obtaining Cyber Risk Insurance is an important mechanism for all organizations in mitigating cyber risks, and the cost is surprisingly low. Because policy forms are not consistent, and enhanced coverage is available from specialty insurance markets, utilizing an expert with access to these markets is critical in ensuring your clients understand the product and get the best protection.