Cyber Liability insurance helps companies manage electronic data and security breaches by ensuring the associated costs are taken care of. Cyber Liability Insurance often covers the costs for notifying customers of a breach of their information, credit monitoring for the effected customers, legal fees, and fines after a business has experienced a breach.
Smaller companies are frequently targeted since they often have a weaker defense against hackers and conduct business online, accept credit cards, and keep customer information. If these are true for your business you could benefit from Cyber Liability Insurance to ensure you can recover from an attack.
Cyber Liability Insurance is available as a standalone policy and can be included as an optional add-on to a Business Owner’s Policy.
There are two major types of Cyber Liability Insurance and some companies choose both types of coverage.
First-Party Cyber Liability Insurance helps cover expenses when your network has data stolen or your network is hacked. Coverage of First-Party Cyber Liability is:
Third-Party Cyber Liability Insurance protects when a customer sues you for allowing the breach to occur. Coverage of Third-Party Cyber Liability is:
Cyber Liability Insurance is appropriate for any business who wishes to protect themselves or are vulnerable to security threats. In light of recent cyber attacks, this type of policy is becoming more and more necessary if any of the following applies to your business:
Certain businesses are specifically targeted based on their likelihood to have customer information that is necessary for identity theft. Companies that are more likely to be targeted are retailers, financial organizations, healthcare but any business can be susceptible to attack and Cyber Liability Insurance is a great way to provide protection.
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