Benefits Of Cyber Liability Insurance

Cyber liability insurance policies are tailored to meet the specific needs of your company and can provide several significant benefits, including the following:

• Data Breach Coverage
  
  By law, organizations must notify affected parties in case of a breach. This can increase overall data breach costs, particularly regarding security fixes, identity theft protection for those affected by the breach, and legal protection. Cyber liability policies cover these exposures, protecting your data from cybercriminals.

 

• Business Interruption Loss Reimbursement
  
  A cyberattack can cause an IT failure, disrupting business operations and costing your company time and money. Cyber liability policies may cover income loss during these interruptions. Furthermore, cyber liability coverage may cover increased costs to your business operations due to a cyberattack.

 

• Cyber Extortion Defense
  
  Ransomware and similar malicious software steal and withhold critical data from organizations until they pay a steep fee. As these types of attacks increase in frequency and severity, organizations must seek cyber liability insurance, which can help recoup losses related to cyber extortion.

 

• Forensic Support
  
  Following a cyberattack, your organization must investigate the scope of the breach and what caused it. The right policy can reimburse the insured for forensics and expert advice costs. Furthermore, some policies may include 24-hour support from cyber experts, which is especially useful following a hack or data breach.

 

• Legal Support
  
  Businesses frequently seek legal counsel in the aftermath of a cyber incident. This assistance can be expensive. Following a cyberattack, cyber liability insurance can assist companies in affording good legal work.

 

• Coverage Beyond A General Liability Policy
  
  General liability policies do not always protect organizations from data breach losses. Furthermore, data is far more valuable than physical assets, so having the proper protection in place when needed is critical. Supplementing your insurance with cyber coverage can give you peace of mind that cyber liability will protect your organization’s financial and reputational well-being in the event of an attack.

Cyber risks aren’t going away; they’re getting worse. As a business owner, you must prepare for a cyberattack, whether you own a small business or a large corporation. Contact us today to learn more about cyber liability insurance.

Target, the prominent American retailer, was the victim of a massive data breach in late 2013, affecting up to 110 million customers. Cyber attackers installed malicious software on point-of-sale devices at Target stores and were able to steal the financial and personal information of 40 million customers.

A data breach can affect any business. Not even a national chain like Target. However, your company can survive a data breach if you are prepared to handle it and have adequate cyber liability coverage to help you respond successfully.

Target responded to the data breach by notifying customers, establishing a call center dedicated to breach-related calls, and offering free credit monitoring. These actions are expensive, but fortunately for business owners, cyber liability coverage can help offset some of those expenses. Every business could be a target for cybercriminals. Consider a data breach an expectation rather than a possibility, and be ready to respond at all times.

Contact Cyber-Security Insurance today for more information on data breaches and to learn about your business’s cyber liability coverage options.