Today, because of the increasing power of the Internet, more and more companies, big and small, are moving their businesses online. By doing so, however, they become vulnerable to cyber-attacks. This is why it is important to have some form of business insurance in Michigan that would cover and protect online data. One such coverage is the cyber liability insurance, also known as private liability insurance or cyberbreach insurance.
Elizabeth Weise of USA Today writes: “Cyberbreach insurance, which covers losses and costs due to hacker attacks on a company’s computer system, is a relatively new type of policy. It was first introduced in the 1990s, mostly to cover computer failures at banks and Fortune 500 companies.” This type of insurance became even more important in the 2000s when hackers began attacking the sensitive information database of various companies.