AE Blog - Cyber Liability in 2014 – Are You Covered?
Design and consulting firms depend on technology for creating, sharing and communicating. In 2014, more than ever before, sensitive and business-critical data is stored on computers. Sometimes the computers are not even local, but hundreds or thousands of miles away in the form of cloud computing. As with all systems, these are susceptible to attack.
These technological vulnerabilities to cyber attacks and privacy breaches can result in expensive out-of-pocket and reputational costs. Many design firms believe their insurance policies will cover damages to their firm and to third parties from losses caused by cyber privacy related issues. But coverage gaps exist in most standard policies even when cyber liability is expressly covered.
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