cannabis Cyber liability insurance
Cyber hackers get more imaginative as technology evolves and becomes more widely used. And both the frequency and costs of cyber incidents have skyrocketed in a post-pandemic world. It is more crucial than ever before to have cannabis cyber liability insurance that will protect your assets if you are the victim of a cyber-attack.
Cannabusinesses operate in a new and growing industry. While that means more revenue and growth opportunities for your company, it also means more risk. Most cannabis businesses rely on technology for daily operations. Whether you are a laboratory that stores testing results online, a manufacturer that communicates with prospective buyers via email, or a dispensary that takes online orders, you are at risk of a cyber-attack.
Did you know that over 50% of small business owners have experienced a cyber attack? And in 2021, there were 50 percent more cyber attack attempts on corporate networks each week than the year before. Cybercrime is common, and these numbers are expected to rise. Unfortunately, without the proper protection, you can be held financially responsible if you become a victim and sensitive information is leaked.
What Does Cannabis Cyber Liability Insurance Cover?
Cannabis cyber liability insurance protects from financial losses claimed by first and third parties in the event of a cyber-attack or data breach. Some common scenarios include:
Your dispensary’s database is hacked, and customers’ social security numbers are stolen.
Your cannabusiness is broken into, and your computers and surveillance equipment are taken.
One of your employees is fired, and, in retaliation, they steal customers’ banking information from the online database.
You accidentally open an email containing a virus. The hacker gains access to important company documents and steals money.
Do You Need Cyber Liability Insurance?
Traditional general liability policies are not designed to cover cybercrime. For example, they don’t protect against things like loss of assets and income, ransomware expenses, or cyber incident response costs. As a result, a specific standalone policy is necessary.
You may not have databases full of sensitive information, but if you (or your employees) use laptops and cell phones during the course of everyday business, you’re vulnerable to hackers and loss.
Cyber liability insurance policies can vary greatly within the cannabis industry. But GreenCore is a specialized cannabis insurance agency. We work with several leading insurance companies that offer comprehensive coverage for cyber attacks. Deciding what type of coverage you need is the first step. At GreenCore, we help you compare high-quality, cost-effective policies to find one best suited for your type of cannabusiness.
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1600 Golf Road, Suite 1200
Rolling Meadows, IL 60008
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Phone
847-201-4600