Today, doing business online is standard operating practice for many self-storage businesses. Facility websites, online marketing, social media, property management software, electronic databases and cloud-based computing streamline many necessary tasks, improve efficiency, and enhance both marketing and customer service. However, this reliance on technology also may create exposures that could result in costly lawsuits and claims.
You have been hearing the term “cyber liability” more often in recent months as a result of high-profile cyber incidents. With the widespread adaptation of technology across hundreds of industries, cyber liability is now an issue that affects every business with exposures including computer viruses, data theft, identity theft and other cyber crimes.
Insurance companies are responding to the growing need for cyber liability coverages by developing new policies to address a wider range of exposures including both first-party and third-party liability.