Professional Liability Insurance (Errors & Omissions Insurance) is a great start to protect your business against claims of negligence, but there are additional risks that require additional coverage. Just about any organization that uses technology to do business faces a cyber risk. In fact, three of our clients have been hit by Ransomware, a type of virus that encrypted the firms’ data, and a ransom to be paid in Bitcoins was demanded by the hackers. Architect and Engineer firms of all sizes are seeing an increase in cyber attacks, both in terms of frequency and intensity.
Cyber Liability Insurance is designed to mitigate losses from a variety of cyber incidents, such as data breaches, infringement of copyright, and network damage. As technology becomes more complex and sophisticated, so do the threats we face, which is why more and more businesses are becoming prepared with cyber liability insurance. When you are ready to develop a robust risk management procedure for these cyber threats, be sure to contact your insurance professional!