What Is Cyber Liability?
Cyber liability insurance protects companies against lawsuits, fines, or penalties due to a breach in your system or software. In the event of a compromise, restoring lost data can be costly. Cyber liability can help your businesses recover after a data breach by reimbursing you for any income or payroll lost in the process.
Some policies may typically cover:
- Crisis management consultation
- Forensic investigation into the source of the breach
- Guidance in public messaging from a PR firm
- Notification and credit monitoring services for affected users
- Dependent business income (should your service provider suffer an attack)
- Social engineering (such as spear phishing)
By having an insurance plan in place for cyber attacks, you’ll be protected against financial loss and be guided by a crisis management partner to help you through the process with the least amount of loss.
Who Needs Cyber Liability Insurance?
Does your business:
- Collect any sort of personal or company information?
- Have a “login” feature on your site?
- Integrate with another company’s systems in any way?
- Have clients who rely on your programs or software in their operations?
- Have employees who could fall for a phishing scam?
- Generate online content such as blog posts or even simply rely heavily on email communications?
If any of the above could be said of your business, you need to have cyber liability insurance!
A typical data breach will compromise thousands of users’ data. It starts with the failure of a security feature or unauthorized access to a database. If such a thing were to happen, you could be facing a class action lawsuit along with a bunch of other trouble.
Have a Plan in Place
Most businesses today use technology to conduct their business, putting everyone at an increased risk of a cyber attack. We understand that risk and can help you find the best coverage for your situation. Prepare your business today with cyber liability insurance and a security plan on how to respond after an attack by speaking to one of our agents.
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