Cyber Liability Insurance

Don't let a data breach ruin your business. Instead, protect yourself with cyber insurance.

Cyber Insurance covers your business's liability for a data breach that includes sensitive client information such as Social Security numbers, credit card numbers, or medical records.

 

What Does Cyber Insurance Cover?

• Legal fees and expenses, as well as: Restoring the personal identities of affected clients
• Notifying clients about a data breach
• Repairing damaged computer systems
• Recovering compromised data

Why Doesn't my General Liability Insurance cover Cyber Liability?

Be sure to check with an agent about what is covered by both types of policies before making any decisions since they may overlap some things like legal fees and expenses, which could be recovered through payment if the claim were successful. At the same time, other items will need separate funding sources, so there's no gap left uncovered.

What to look for as a Cyber Insurance Buyer

We work with the top cyber liability insurance carriers in the country to be sure your needs are met. Like any business insurance, Cyber Insurance coverage varies by insurer and policy.

When shopping around and comparing policies with your agent, here are some things to look for and ask about:

• What are the deductibles? Be sure to compare deductibles closely among insurers, just like you do with health, vehicle, and facility policies.
• Does the insurance company offer one or more types of Cyber Insurance policies, or is the coverage simply an extension of an existing policy? In most cases, a stand-alone policy is best and more comprehensive. Also, find out if the policy is customizable to an organization.
• How do coverage and limits apply to both first and third-parties? For example, does the policy cover third-party service providers? On that note, find out if your service providers have Cyber Insurance and how it affects your agreement.
• Does the policy cover any attack to which an organization falls victim or only targeted attacks against that organization in particular?
• Does the policy cover non-malicious actions taken by an employee? This is part of the E&O coverage that also applies to Cyber Insurance.
• Does the policy cover social engineering as well as network attacks? Social engineering plays a role in all attacks, including phishing, spear phishing, and advanced persistent threats (APTs).
• Because APTs take place over time, which can be months to years, does the policy include time frames within which coverage applies?

 

 

Cyber Risk Protection

No matter how large or small your business is, data breaches and cyber-attacks are always a possibility—and the consequences can be devastating. That's why every business needs cyber liability insurance.

It can help cover the costs of investigating and responding to a data breach and any legal fees or settlements that may result from it. And in today's world, where customers are increasingly aware of the risks of doing business online, having adequate protection against cyber threats is essential.