Cyber Liability Insurance
Importance of Cyber Liability Insurance
Every business that uses technology faces the threat of a cyberattack and/or data breach. Cyber Liability Insurance is an effective precaution for businesses of any size.
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These catastrophic attacks can destroy your business and put you, your customers and employees at risk.
Call us at 516-922-6500 to review your business operations and exposures so we can provide the coverage you need.
What Is Protected With Cyber Liability Insurance
Cyber Liability Insurance covers your business for financial losses that result from data breaches and other cyber related events. Most cyber policies include both first-party and third-party coverage.
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First-Party Cyber Liability Coverage - Expenses your firm directly incurs as result of the breach:
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Data loss and restoration expenses
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Cost of informing your customers of hacker attack
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Business Interruption costs while business operations are suspended
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Cyber Extortion – applies to extortion payment and expenses incurred to respond to a hackers demand
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Third-Party Cyber Liability Coverage - Coverage for claims incurred by your clients as a result of an attack on your business:
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Data Privacy and Network Security Liability – claims by clients that have been injured as a result of your failure to keep confidential information secured
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Media Liability – protection for claims associated with libel, defamation, copyright or domain name infringement as a result from your internet publication
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Privacy Regulatory Matters – coverage that responds to fines imposed on your firm due to the every changing laws of regulatory agencies
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The Bottom Line
Technology, internet transactions and social media are now key to the conduction of business. These are gateways that leave your business vulnerable to cyberattacks through phishing, malware and botnets. Cyber Liability Insurance can protect you, your business, clients and employees from the devastating losses that could arise.
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