By Drew Smith
October 16, 2014 - The 21st century has been an explosion of technology and human connection. In the last decade alone, we have seen phones shrink to be able to fit on your wrists and computers that seem to be in your favorite Science Fiction flick. The infinite possibilities of this technology have made phones and computers as part of everyday culture, like cars and bikes.
In this increasingly technological based society, the threat of having your identity stolen increases daily. Some people put their entire lives on those devices and on social media. If you leave them in a public area like a restaurant or a public restroom, your whole lives can be turned upside down.
As a result, insurance for Cyber Crime has not only been established but, is growing at an astronomical rate. The chances for liability are endless; from identity theft to actual theft to even more serious crimes. Just as there are many pieces of technology, there many ways to lose your information.
When a major cyber-crime happens, millions could be affected and billions of dollars could be lost, from bank accounts to lost reputation and commercial profits. During the Christmas shopping season in 2013, the superstore chain Target was hacked and forty million accounts were compromised. The ultimate cost at this time is unknown but it is expected to reach over $200 million. Each week it seems we keep hearing of more and more big name companies being hacked like Home Depot and JPMorgan Chase. The potential for large damage are endless.
We all need to take steps to insure our identities are as safe as possible. Cyber Liability Insurance only goes so far in helping protect companies. People need to be more diligent to protect themselves otherwise they could get burned by something as simple as losing your phone.
For more information about Cyber Liability Insurance, contact the experienced brokers at Axis Insurance Services, LLC
About Axis Insurance Services, LLC
Axis Insurance Services, LLC (AIS) is a licensed professional liability insurance broker located in Franklin Lakes, NJ with agents licensed nationwide. They offer access to high-quality insurance products in the areas of Errors and Omissions insurance (E&O), Directors and Officers liability insurance (D&O), Crime, Fiduciary, and Privacy/Network security coverage for today’s professional service firms. AIS works with all company types including commercial real estate firms, real estate agents and brokers, property managers, insurance agents, medical groups, practice managers, third party administrators, lawyers, accountants, architects, engineers and many others.
Axis Insurance Services Inc., is not affiliated with Axis Insurance Company or its subsidiaries or affiliates in any way
For more information visit www.axisins.com or contact:
Mike Smith President
Axis Insurance Services
201-847-9175 ext. 105
Please note that the above information does not constitute any legal advice. You should consult your attorney prior to implementing any employment related policies and procedures for your company.