Cyber Liability Insurance
Cyber attacks and data breaches can result in devastating damage to your business and your reputation. They can also result in costly business disruptions, including lost revenue and litigation. No business or organization is immune to the impact of a cyber crime. As a result, cyber liability insurance has become an essential component to any risk management program.
Cyber liability insurance policies are tailored to meet the specific needs of each individual company and can offer many important benefits, including:
Data breach coverage: In the event of a breach, organizations are required by law to notify the affected parties. This can add to your overall data breach costs that may include security fixes, identity theft protection for those impacted by the breach, and protection from possible legal action. Cyber liability policies include coverage for these exposures.
Business interruption loss reimbursement: A cyber attack can lead to an IT failure that disrupts business operations, costing your organization both time and money. Cyber liability policies may cover your loss of income during interruptions.
Cyber extortion defense: Ransomware and similar malicious software are designed to steal and withhold key data from organizations until a steep fee is paid. These types of attacks have increased in frequency and severity. Cyber liability insurance can help recoup losses related to cyber extortion.
Forensic support: Following a cyber attack, your organization will have to investigate the extent and source of the breach. The right cyber policy can reimburse you for costs related to forensics and expert advice. Additionally, some policies will provide 24/7 support from cyber specialists.
Legal support. In the wake of a cyber incident, businesses often seek legal assistance and this assistance can be costly. Cyber liability insurance can help businesses afford proper legal representation following a cyber attack.
Coverage beyond a general liability policy: General liability policies don't normally protect organizations from losses related to data breaches. Supplementing your business insurance with cyber coverage can provide you with peace of mind that in the event of an attack, your organization's financial and reputational well-being is protected.
For more information about Cyber Liability Insurance and for a customized quote, contact the experts at Botson Insurance Group today.
What's your cyber risk?
Our Cyber Risk Scorecard can help you determine how your business is exposed to cyber threats.