If you are a company that works with large amounts of confidential data, you know how important it is that you keep that data locked down and inaccessible from anyone who is not within your company. That is why having cyber liability insurance in big data environments is crucial to operating successfully. There are a few other reasons you may not know.
General liability insurance will not handle everything you need it to. Many of these policies have an exclusion for any losses that occur because of the Internet. That is where a cyber liability insurance policy can pick up the slack.
Even if you have data hosted on the cloud, you are legally responsible for it. If something goes wrong with your data while on the cloud, you need a way to handle it without incurring legal fees. Having insurance in big data companies is essential for this reason.
You might think that this type of insurance is too niche, but it covers more than you might think. It can include notifying customers of a breach, money lost from business interruption, and even hiring a public relations team to handle any damage to your reputation after an attack.
In short, cyber liability insurance is a must for any business. However, those who deal with big data absolutely should not operate without it. It is not worth the risk.