Cyber Liability and Big Business
An important topic of conversation in the board room of many corporations is Cyber liability. Now that so many huge and devastating break-ins have occurred, thousands of consumers are angry. When that happens, they often look for someone to blame. In this case, they’re hiring personal injury lawyers and attempting to hold the board of directors responsible for not protecting their personal information better.
The problem of cyber breaches has reached all new highs, even affecting the US government, and many are asking when it will stop. In the meantime, consumers continue to search for ways to hold those in charge of these large companies financially responsible. Numerous consumers believe that the managers and directors knew there were weaknesses in their hardware and software. They believe that the board could have taken additional steps to protect their data, and yet were slow to take action.
With D&O protection, executives can protect their personal assets from litigation. This has become an important aspect of doing business in America. Even in cases where the executives are found innocent of any wrongdoing, the legal expenses can be significant. D&O protection gives these officials a front line of liability protection. This type of protection has become so crucial that many executives now negotiate this in the terms of their employment. It is becoming a necessary resource that protects corporate directors and officers from the overwhelming expenses of litigation.
At Cybernance, we believe that directors do their best to oversee cybersecurity initiatives and yet, with each passing year, cyber thieves become more sophisticated in their attacks. Pressure from government agencies like the SEC and FTC have made D & O coverage and risk governance crucial for your company. Cybernance is on the cutting edge of the latest technology in this field. Please contact us to learn more about cyber risk insurance.
Get more in-depth coverage with the Cybergovernance Journal
In times of a cyber breach, fast communications are crucial to stop it. Yet many corporate heads are not sure how to handle the cyber risk issue.
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