If you find yourself asking the question, “Do I need cyber liability insurance,” consider this: Data theft, whether cyber or physical, is on the rise. All business organizations can be impacted, and no business is exempt – large, small, or medium-sized. All it takes is one incident of data breach, and your business could be damaged beyond repair. If a hacker or an employee successfully intrudes and takes control of sensitive information, the impact could be devastating. You need cyber liability insurance to protect your customers, your employees, and the well-being of your business.
What is a Cyber Liability Insurance Coverage?
Cyber liability is a business insurance policy that protects both individuals and businesses from cyber attacks, data breaches, and other related threats. Additionally, it covers claims that your company may face as result of your failure to protect delicate client data and information.
Do I Need Cyber Liability Insurance?
With the increasing rate at which cyber attacks are happening globally, every business needs a cyber-liability insurance plan. What would you rather do? Invest in an insurance policy and be able to recover from a data breach, or risk losing your entire business? Think about that.
Choosing the latter has no guarantee of ensuring that your company will recover from a cyber-attack. Some companies that have been victims of cyber-attacks are yet to recover from the impacts, some of which have resulted in the loss of existing clients to the competition and millions of dollars in revenues.
While you may not be dealing with sensitive data and information, you surely want your business to sustain itself and grow. One way to ensure business continuity is to arm your business with a cyber-liability coverage. It enables your business to recover and continue with operations against any security incidents quickly.
What Does Cyber Liability Cover?
Cyber liability insurance covers a lot regarding cyber-attacks and recovery services to help keep your business running until you can fully recover and recommence normal operations. Some of the elements covered by cyber liability insurance include:
- Legal fees
- Incident investigations costs
- Costs associated to informing clients about an attack
- Charges involving helping clients to stop identity theft and other effects
- Costs related to data recovery and restoration
- Costs related to business downtime
It is in your best interest to be prepared than to suffer the consequences of cyber-attacks. We have comprehensive and affordable policies to best protect your business. Contact us today to review your options and discuss cyber liability.