Cyber Liability Insurance is there to protect your business from costs associated with the risks related to technology and digital activities. Even if you have cyber liability insurance for your business, you are still at risk for cyber attacks.
Cyber liability insurance protects your organization from financial losses related to data breaches & other digital events.
Many people believe that the General Liability Policy will cover everything so they neglect to purchase cyber coverage for their organization. Then these businesses are left with potentially devastating consequences when a cyber-related event occurs.
What Cyber Liability Insurance Covers
- Data Breaches
- Recovery of Compromised Data
- HIPAA Fines (Click to learn about the impact Cyber-Attacks have on Healthcare Organizations)
- Costs associated with repairing damaged computers & computer systems
- Legal fees & expenses
- Costs of notifying existing clients of a breach
What happens if your organization suffers from an attack or data breach?
The results can be costly. Investigating the attack/breach, restoring the data, the repercussions if data is stolen, and restoring your firm’s reputation can be expensive and greatly impact your profitability.
How can Cyber Liability Insurance help?
Cyber Liability cannot prevent you from having a loss but it can help with the associated costs should there be an incident. Additionally, many insurance companies have a variety of resources they make available to their clients at no extra cost such as data protection tips, educational information, updates on notification laws & regulations. Some may even provide incident response plan templates to assist you in developing or improving your own procedures to reduce the impact of an event.
Click here to Download “Cyber Security Considerations For Your Organization” Checklist