INCOMPAS Show (Spring 2016) - Day 1 Show Daily

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« 2 6 » THE INCOMPAS SHOW I APRIL 10-13, 2016
DAY 1 THE INCOMPAS SHOW
Cyber Threats Growing for Communication Companies
E very business has unique risks that
seriously can harm an organiza-
tion’s operations if not properly
protected against.
As a business utilizing technology to produce
and deliver products and/or services, it’s impor-
tant to recognize and take precautions against
risks that your commercial general liability insur-
ance coverage doesn’t include.
Technology professional liability coverage, also
referred to as cyber liability coverage, is essen-
tial for companies using technology because it
addresses a lack of protection in commercial
general liability policies, which typically don’t
cover claims of third-party financial harm.
Cyber threats are real, growing in number and
sophistication. There is an increased potential
for errors and omissions, copyright or trademark
infringement and breaches of private information.
Technology businesses today are driven by
data. With that comes the profound respon-
sibility to protect customers’ private informa-
tion, to prevent the inadvertent transmission of
computer viruses and to ensure that authorized
users are able to securely access your website
or computer network.
The theft or misuse of private or confidential
customer information occurs daily.
Who needs cyber liability coverage? Any
communications company engaged in providing
computer services, Internet services or those
companies using the Internet in its everyday
course of business.
Here are some activities that can create
cyber risk:
• Use of Email
• Support of Webmail
• Internet Service Providers
• Dependence on Network Services
• Electronic Storage of Customer Information
• Storage of Third-Party Trade Secrets and Data
• On-Line Advertising and Marketing
• Web Site Design, Development & Ecommerce
• Web Site Activities (Content, Links)
• E-Commerce
• E-Brochures/E-Catalogs
• E-Bill Payment
• Internet/Digital Media
• Electronic Bulletin Boards or Social Interaction
What does tech error and omissions (E&O),
or cyber liability cover?
Tech E&O manages risks, resulting from
providing a product or service to a third party,
that are not covered by a commercial general
liability policy.
Specifically, tech E&O protects your busi-
ness in the event that a third party suffers a
financial loss due to your product or service
not performing as it was intended or expected,
including the event of an error or omission
committed by your company.
These policies also cover defense costs in
the event of litigation.
Tech E&O coverage would apply in the
following situations:
• A mistake was made and an error in the
code of a website or program your company
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(See Unitel, page 28)