Cyber Liability

Cyber Liability Insurance

When you run a business, you face many physical risks, such as property damage and personal injury. But your business also faces the risks of using technology. These include everything from data breaches to hacks. To protect against these risks, many companies add cyber insurance to their business insurance policies. Cyber insurance can provide extensive coverage to help protect businesses against various technology-related risks. We’ve partnered up with various reputable Insurance Brokers to help assist your organization obtain Cyber Liability and other Insurances your company may require.

What is Cyber Liability Insurance?

Cyber Liability Insurance coverage is an important tool for organizations looking to manage their property loss, revenue or liability, and compliance costs (e.g. notification to customers after computer data theft) due to exposure to loss of cyber risks. The cost of cyber risk can be significant. Threat actors are increasingly focused on sneaking access to organizations’ proprietary information for quick financial gain. Even a single major data leak could threaten an organization’s financial condition.

Cyber liability insurance is recommended for companies of all sizes, large or small. It helps cover financial losses due to cyber attacks, ransomware or other technological risks, as well as privacy investigations or legal action following an attack. For example, if a hacker locks down computers, deleted files, and demands a ransom, this type of insurance can help you respond to the attack and help your business recover lost data and revenue.

Most Common Cyber Risks that Insurance can help with include:

Ransomware
Data Breaches
Privacy Concerns
Cyber Extortion
Cyber Terrorism
Additional Incidents based on your policy perils

Why Businesses Need Cyber Liability Insurance?

New cyber threats emerge almost daily, affecting organizations of all sizes, from small businesses to the U.S. government. Those who don’t think about cyber threats and how to deal with them can be forced into a problem when they least expect it. Few reasons why businesses should consider obtaining Cyber Liability Insurance:

Your organization hold a significant quantity of personal data
To Comply with regulatory compliance
You’re contractually required
You’re dependent on technology to operate your business
It’s part of your Board of Directors Due Diligence
Protection when your cyber security fails

Cyber Liability Insurance

What is Cyber Liability Insurance?

Why Businesses Need Cyber Liability Insurance?

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