Cyber Liability


Digital security concept screen
Cyber liability in the recent past has become a common term to many. This term can be defined as the risk that an individual is exposed to when he/she transacts business over the internet, through other networks, or even through the use of modern electronic storage gadgets. Insurance can be purchased and “risk associated” security methodologies can be put in use to deter first and third party risks brought about by digital liability.

“First party” liability comes in when your own individual information is breached, for instance, a hack that results into exposing your own business secrets. “Third party” liability takes place when the clients’ or business partners’ details that you have vowed to keep confidential are breached. A good example is a hack that exposes a client’s financial statements.

A majority of businesses across the globe are taking a deeper thought over their cyber safety and security. This has been occasioned by incidents of information breaches by big business companies. Small business companies are particularly susceptible because their cyber security systems are not as advanced as big companies.

According to Verizon’s Data Breach Investigations Report of 2012, 70% of the victims were not specifically sought out due to their poor cyber security but rather were victims of exploitable weakness. Their database were easy to access. Evidently, insurance of both first and third party liabilities is very important in the modern day business world.

Importance of protection against cyber liability

Incidents of breaches can lead to massive losses of income as well as tainting individual or company reputations. A negative image may diminish a customer network base that will subsequently lead to little profit margins or in some instances losses. To avoid this one can procure a protection policy.

It is also in the public domain that some multi-billion business entities have been sued in courts and forced to pay hefty regulatory penalties, fines, and expenses due to third party breaches. Additionally, notifications expenses and computer money transfer frauds are other negative effects. These incidents have left many companies and individuals bankrupt within few hours or days without their knowledge. These occurrences can be avoided through the use of the right protection policy.

Typically digital policies cover both first-party and third-party liabilities.

First-party policy covers the following:

  • Forensic audit- involves the cost of hiring computer forensic experts hackerduring the first steps of suspicion of a data breach.
  • Business interruption and extra costs- it covers lost profits and extra costs occasioned by a data breach.
  • Computer and data loss costs-covers expenses of restoring lost information due to a hacker’s activities
  • Electronic fraud and theft protection- it covers the financial losses resulting from criminals who hack to steal money

Third-party policy

It covers the expenses of hiring lawyers, expert witnesses, and consultants to help defend your business from lawsuits by clients, shareholders and business partners who claim they have negatively been affected through exposure of their details.

Third-party policy coverage is also commonly sought after by many companies to offer defense against administrative and regulatory agency prosecutions, for example, the Federal Communications Commission. This policy covers punitive damages, penalties, and fines.

5 Marketing Tips To Boost Your Exposure


MarketingTimes are changing and the demand to increase efficiency and maximize exposure has never been so great. We understand the importance of this demand on business owners and though we would share 5 quick tips to make more sense of your next marketing campaign.

Understand Your Target Market

Getting to know your customers and their purchasing habits is key in the marketing process. By  focusing on a target market segment it’s easier to identify specific behaviors, needs wants of your end consumer. Once focus has been made it’s important that you not only maximize marketing efforts towards this group, but customize the products offered as well.

Write A Marketing Plan

Once a target market has been identified you need to develop your strategy in the form of a written marketing plan. The reasoning for this is to maintain consistency across the team and keep an overall focus on the end goals. This plan needs to cover all essential aspects of presenting and delivery of  your products to the customer. Here are just a few questions to ask yourself when creating this plan:

  1. Where are we now?
  2. Where do we want to be?
  3. What opportunities exist in the environment?
  4. How will we get there?
  5. Who will do what?
  6. How will we know we’ve arrived?
Design Advertising & Customer Communications

Advertising isn’t like the old days where you could place an ad in the newspaper, list the company in the Yellowpages, or mail out coupons. It’s a whole new world out there with the internet and if you’re not on top of your game you’re no where to be found. Consumers are bombarded with hundreds of marketing emails, ads on Facebook, and just about every website you go on. To stay ahead of the game you need to do something pretty special to stand out, so make sure your messages are clear and appeal to exactly the people you are trying to sell to. For example if your consumer is looking to buy a dog and you’re a pet store, create an ad about adopting a furry friend. This stands out from others saying adopt a dog here, or dog options now. Though it is important to use call-to-action words, don’t let that take away from the consumers main focus, they’re looking for a companion.

Make Sure Your Store Front Is In Pristine Order

Having a clean and inviting atmosphere is a big influence tool when it comes to getting potential customers in the door. It generates trust, motivates your staff and makes customers feel more comfortable doing business with you. This tip also applies to online businesses. We’ve all come across a website where you click on it because it sounds like what you’re looking for and then it hits you like a brick. The site is a horrible, poor navigation, flashing pictures everywhere, and no quality content anywhere to be found. Keeping an orderly yet insightful and content driven site that interacts with your consumers is very important when looking to convert. By creating an easy to navigate site with a clear action path you will see a much better return and interaction rate with both potential and returning consumers.

Last But Not Least Invest In Your Employees

Regardless the size of your business it’s imperative that you take care of those under you. Your employees are the face of the company and can make or break the customer experience. By investing in your employees and creating a growth plan you build both trust and motivation to work harder. We believe that success is built from within so get your employees involved in your marketing plan, ask for their ideas, and most importantly treat them as equals. Package happy employees with an awesome marketing plan and watch both customer satisfaction and sales grow.

There are countless tips and good ideas when it comes to marketing, it’s up to you and your employees to find what works best. Please share your thoughts and ideas with upcoming entrepreneurs below, we’d love to hear what you have to say.