Cyber Liability
Any business with sensitive information is a target for cybercriminals—regardless of their security infrastructure. Some of the world’s biggest brands have fallen victim to attacks and all the costs and hassles that go along with them If your business collects sensitive information such as customers’ credit card numbers, Social Security numbers, driver’s license numbers, health records, and more, you should consider cyber liability insurance.
Without Cyber Liability Insurance, You Cover The Costs.
Cyber liability insurance, also known as cybersecurity insurance or cyber risk insurance, covers the damage your business suffers because of a cyber security breach. Without a policy, however, your business must absorb the losses and pay the costs which can include:
- Investigative services
- Data recovery
- Identity recovery
- Legal fees
- Customer notifications
- Lost income because of network outages
- Customer and employee lawsuits due to privacy breaches y Settlement costs
- Ransom you have to pay to get back your data access
- Regulatory fines
- Public relations costs to repair damage done to your company’s reputation after a data breach
Let’s Protect Your Business.
Preventing a cyberattack should be a priority for your business. But no plan is foolproof. That’s why protecting your business from the damage of an attack is a smart investment. Cyber liability insurance lets you counter the risks of a cyberattack by protecting you two ways:
First-Party Coverage
This is a claim you bring against your own policy for your losses.Costs covered include:
- IT forensics costs
- Digital infrastructure repair
- Replacing damaged equipment
- Notification costs
- Credit protection costs
- PR management (crisis management)
- Credit fraud retrieval
- Involuntary parting of funds
- Lost revenue due to downtime (business interruption)
- Cyber extortion
Third-Party Coverage
This is a claim brought by an outside party for damages for which the policyholder is legally liable. Costs covered include:
- Claims related to the breach of Personally Identifiable Information (PII) including credit card and Social Security numbers, bank, personal health, and sensitive corporate information
- Third-party claims related to:
o Breach of contract
o Negligent protection of data
o Network security breaches
o Transmission of software viruses
o Denial of service attacks
o PCI fines and penalties assessments
Request A Business Risk Review.
See what a review of your current insurance coverage uncovers. You may find that you’re adequately protected. You may find otherwise. Either way, you deserve to know for your peace of mind.