Cyber Liability Insurance
Cyber security is a growing concern for businesses of every size across every industry.
As cyber attacks become more frequent and more complex, business owners are realizing that the computers, electronic devices, point-of-sale systems, software programs, and electronic data they need to operate are at risk for a data breach or cyber attack.
Protecting Your Business Against Cyber Risks
When you think of a cyber attack, you may think of a large-scale breach of a major corporation. But the risk doesn’t end there. Because there’s two sides to cyber risk:
- An unauthorized person gaining access to confidential/ sensitive information.
- An intentional, malicious attack on a computer or network.
Cyber attacks and data breaches happen to small- and mid-sized businesses every single day.
While major corporate and government attacks garner all of the front-page attention, most cyber attacks are geared towards smaller businesses. After all, it’s much easier for a cyber criminal to go after a smaller company that lacks the resources to put up adequate protection against cyber attacks and data breaches. That makes your small business an attractive target.
Cyber criminals use malicious software programs to steal data, modify systems, gather log-in credentials, and more. And gaining access to your network of information can often be as easy as tricking one of your employees into clicking an email attachment.
Not all data breaches are the result of malicious software. Imagine if an employee lost a company laptop. Or if there were a break-in at your office. All of your proprietary business data and sensitive client information could be up for grabs.
What Does Cyber Liability Insurance Cover?
Cyber insurance is designed to help your business recover in the event of a cyber attack or data breach. Cyber attacks can be costly; the price of system and data recovery, lost income, reputational damage, and recovery costs can add up quickly.
If that wasn’t enough, failing to protect third-party information, such as personal client information, can also result in expensive litigation.
Cyber liability insurance helps cover the costs associated with recovering data, restoring computers, third-party notification and credit monitoring, lawsuits, and reputational recovery.
Cyber liability offers first-party coverage that helps your business recover from the immediate effects of a cyber attack, such as:
- Systems restoration
- Electronic data restoration
- Business Interruption coverage
- PR and reputation management
Cyber liability coverage goes beyond your restoration, as well. It generally provides third-party coverage that can help cover your liability to your customers/ clients if you’ve failed to protect their confidential information, as well.
- Customer notification
- Credit monitoring services
- Defense costs, settlements, and judgements for liability lawsuits
Your business relies on technology more than ever. But with every hardware and software solution that helps move your operations forward, you face a new risk for data loss or attach. Cyber liability insurance provides a safeguard as advanced as your technology to protect your business against data breaches and cyber attacks.