What is Cyber Liability Insurance?
Cyber Insurance helps cover your business’s liability for a data breach that includes sensitive client information. This could include Social Security numbers, credit card numbers, account numbers, driver’s license numbers, and even medical records.
Cyber liability insurance is inexpensive to protect the corporate balance sheet from losses not typically covered under traditional insurance policies. In addition to first-party costs like forensic investigation and notification, cyber liability coverage also extends to third-party claims alleging unauthorized disclosure of personal information or other confidential data.
Does General Liability Insurance Cover Cyber Liability?
General Liability Insurance (GLI) covers bodily injuries and damage to property resulting from your products, services, or operations. Be sure to check your policy because cyber liability coverage is usually not included in your General Liability policy.
What Does Cyber Insurance Cover?
Depending on the coverage form, typical items can include:
- Legal fees and expenses
- Restoring the personal identities of affected clients
- Notifying clients about a data breach
- Repairing damaged computer systems
- Recovering compromised data
When Comparing Policies, Ask The Following Questions:
- 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 Cyber Liability Insurance policies, or is the coverage simply an extension to an existing policy? In most cases, a stand-alone policy is best and more comprehensive.
- 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 on 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 applies to Cyber.
- 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 for coverage?
Who Needs Cyber Liability Insurance?
Organizations of all sizes, from global corporations to small businesses that rely on technology, face cyber risks daily. Threats to businesses have increased dramatically as technology has become more complex and sophisticated. To manage and mitigate cyber risk, businesses and organizations must be prepared with cyber liability insurance protection and an effective cyber security response plan.
At Mason-McBride, we understand the complexity of cyber threats. We offer a range of cyber insurance packages to protect your business assets.
Coverage for a Wide Range of Professions
Business owners from various industries, including these common professions, come to us for help:
Cyber Insurance for all Michigan Cities
Our Cyber insurance policies can be customized for any Michigan city, including, but not limited to:
- Sterling Heights
- Clinton Township
- Auburn Hills
- Rochester Hills
Ready for a Quote From a Local Agent?
Our cyber liability specialists are happy to answer all your questions. In addition, our agent will identify your business’ cyber risks and develop custom and appropriate coverage to reduce your exposure.
Start a quote online or give our office a (248) 822-7170.
The team at Mason McBride is happy to assist.