The recent exclusion of technology risks by commercial insurers has created a coverage gap that urgently needs to be addressed, according to Safeonline.
"Everytime one of your employees sends an email, your company could be facing financial ruin. Why?
Because many standard commercial policies now contain exclusions that explicitly invalidate coverage for risks in relation to the use of technology, leaving thousands, if not millions, of pounds worth of companies' data and intellectual property exposed," said Safeonline's Stuart McMillan.
The problem is that new wordings exclude damage to electronically held data, including to that held on the company website.
