What is cyber liability insurance?
The sensitive customer data stored within company servers and in the cloud is vulnerable to attacks from hackers and other cyber criminals. Most people think only large corporations are in danger of cyber crime attacks. But, all businesses that use computers connected to the Internet are at risk.
What are the benefits of cyber liability insurance?
More than one-third of businesses experience a data breach each year. If a similar event happened at your business, would you be able to pay for the resulting damages?
Many cyber liability policies cover a variety of expenses associated with a cyber attack:
- First & Third Party Network Security/Privacy Coverage
- Breach Notification
- Credit Monitoring Service Costs
- PCI Fines and Penalties Coverage
- Computer Forensic Costs
- Crisis Management and Public Relations Costs
- Regulatory Defense and Penalties Coverage
- Cyber Extortion
- Unauthorized Access
- Media Coverage
- Malicious Coding
- Intellectual Property
- Denial/Loss of Service Attacks
- Copyright, Trademark Infringements
- Cyber Theft
- Data Restoration
- Disclosure of Information
- Privacy Breach Response Services
- Consumer Redress Coverage
- Social Engineering
- First Party Business Interruption
A general liability policy often excludes losses incurred because of the Internet. A cyber liability policy can fill in that gap. It may be the difference between closing your business and making a comeback.