Cyber Liability Insurance
Cyber security and risk management should work in tandem.
What is Cyber Insurance?
Cyber Insurance can protect your business from the risk to your tangible and intangible property.
For example, loss or disclosure of customer information like names, social security or credit card numbers and health information could happen through the simple act of a disgruntled employee stealing a laptop.
You could be at risk for a cyber attack. A staggering number of small and medium-sized organizations get attacked each year – many without the support of cyber insurance coverage. And, if your systems or data are compromised, it can put you out of business or cause a significant financial loss.
Did you know?
Do You Need Cyber Insurance?
Any business that stores data on a network is at risk for a cyber attack.
Without cyber insurance, you could be on the hook for state and federal fines and penalties, a forensic investigation, breach notification costs and even a class action or third-party lawsuit down the road.
First and third party cyber coverages
First party coverages are meant to cover claims you make against your own insurances. This includes loss of income during a covered business interruption and costs to notify clients of a data breach.
Third party coverages protect your customer’s information that you have on file. A third party claim is one that is brought against you rinsurance by aother individual or business.
Cyber insurance covers the following first-party and post-breach expenses:
- Privacy attorney
- IT forensic investigation
- Compliance with state notification laws
- Regulatory fines
- Class action lawsuits resulting from the breach
- Credit monitoring for breached individuals
- PR firm to manage the crisis
There is no standard cyber insurance policy that can be applied to every business, so having an experienced agent will be key to making sure you’re adequately insured.