Cyber Liability Insurance – More Important Than Ever

With technology becoming an imperative part of businesses of all sizes, cyber liability insurance is more important now than ever before. The fallout from a cyber attack can make it hard for some companies to recover. Business disruptions, revenue loss, equipment damage, and litigation can all add up to major losses. These costs can make it hard for some companies to stay afloat after falling victim to a cyber crime.

However, cyber liability insurance can help. Here’s how having a proper cyber liability plan in place can help ease your worries as a business owner and even protect you before an attack occurs.

What is Cyber Liability Insurance?

Cyber liability insurance protects your business in case of a cyber breach involving sensitive customer information. No one is immune from becoming a target. That means if your businesses utilizes technology, you are vulnerable, no matter how small your business may be.

What Does It Cover?

Keep in mind, cyber policies can be tailored to fit the needs of your company. Some insurance companies may even help protect your company before a breach happens. But what can cyber liability do for your business?

• Data breach coverage – Parties affected by a data breach must be notified as required by law. A business may be required to cover the costs for identity theft protection, security fixes, and protection from legal action. Cyber liability can help.
• Business interruption loss reimbursement – Additionally, cyber liability can also help cover costs associated with business disruption due to a cyber attack.
• Cyber extortion defense – Cyber criminals design ransomware to steal important data from a company and hold it ransom. “Freeing” your data often comes with a fee. Cyber liability will help to recover losses in a cyber extortion scenario.
• Forensic support – Costs associated with a cyber attack investigation can be pricey. With the right policy in place, your business may be reimbursed for those costs.
• Legal support – Seeking legal assistance after a cyber attack can be costly. Cyber liability can help offset those costs.
• Coverage beyond general liability – Your general liability policy may not cover data breaches and other cyber crimes. However, supplementing your current policy with cyber liability will further protect your company’s financial and reputational well-being.

What Will Your Response Be?

Above all, your response after a breach is key. With the right cyber liability coverage in place, you can ease your worries. Call one of our agents. We are experts. We can help you protect your customers, your employees, and your business.