WHAT YOU CAN DO TO PROTECT YOUR BUSINESS The cannabis industry is fraught with liability for business owners: changing regulations, counterfeiting, compliance, and cyber security to…
Cyber liability insurance is a type of insurance that covers financial losses resulting from data breaches or cyber events.
What Is Cyber Liability Insurance?
Cyber liability insurance can apply to both first-party and third-party protections in the event of a digital attack or compromise. The first-party coverage includes business interruption, breach notification, credit monitoring and identity theft protection. Third-party coverage includes legal defense costs, regulatory fines, regulatory investigations and class action lawsuits.
The following are some examples of situations where cyber liability insurance may be needed:
A network intrusion resulting in financial losses due to theft of customer data (e.g., credit card information).
A breach exposing customer information such as Social Security numbers and health records.
Certainly, every stage of the cannabis supply chain has unique liabilities and risks.
However, Millers Insurance Group’s range of coverage and policies will address the needs of cannabusinesses at any level of the marijuana industry.