Like most businesses, accountants have cyber exposure, and should be buying Cyber Risk Insurance (also called Cyber Liability Insurance, Data Breach Insurance, Network Security Insurance or Privacy Insurance). Accountants also have a more significant exposure than many other businesses because the information they retain includes detailed personal financial information that can have high value to cyber criminals. A recent article by the AICPA (see here) not only highlights the need for Cyber Risk Insurance, but also is an example of the type of information insurance buyers are seeing outside of the normal insurance industry marketing messages on Cyber Risk exposures. It notes that a CPA firm’s central concern is the loss of client data, and that a Cyber Risk Insurance...
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