Cyber Liability Insurance
Cyber Liability Insurance Information
As businesses’ use of technology continues to expand, it is essential to consider the risks data breaches and cyberattacks present. Cyber liability insurance can provide critical coverage for these events.
No matter their size or industry, businesses face digital risks, and the team at Wilber-Price Insurance Group in Loveland, Ohio, can help them find the optimal cyber liability insurance policy for these exposures. Contact us today for more information.
What Is Cyber Liability Insurance?
Cyber liability insurance is also known as cyber insurance or cyber security insurance. It is a policy that can provide financial assistance if confidential or sensitive information (e.g., health records or financial records) is lost or compromised. This aid can help mitigate the impact of these incidents on your business and clients.
What Is Cyber Liability Insurance Coverage?
Cyber liability insurance can fill in coverage gaps left by other business insurance policies. In exchange for a premium, an insurance company agrees to provide payments if a covered cause of loss occurs. Examples of these events include:
- Malware, ransomware or phishing attacks
- Inadvertent releases of confidential information
- Malicious destruction of data
- Distributed denial-of-service (DDoS) attacks
A cyber liability insurance policy may help pay for costs associated with these and other cyber security incidents involving data breaches or data loss, such as the expenses to:
- Pay regulatory fines, penalties and fees
- Notify affected clients about the data breach
- Pay for cyber extortion-related costs
- Retrieve lost or stolen data
- Investigate the cause of the cyberattack
- Pay for credit monitoring services for impacted parties
Coverage for other cyber security events may also be available. Your insurance agent can provide more information regarding options, limits and exclusions.
What Can Cyber Liability Insurance Protect Clients From?
Cyber liability insurance may pay for legal expenses (e.g., defense costs, settlements and judgments) if a party files a lawsuit against your business for financial losses they incurred after a data breach or cyberattack. A cyber liability policy can help ensure they are compensated.
How Much Cyber Liability Insurance Do I Need?
Each business’s risk profile is unique and coverage needs vary. Computer systems, networks and servers may be compromised by hackers even with firewalls and other safeguards in place. Conducting a risk assessment and consulting with your agent may help determine how much cyber liability insurance you should carry.
Get Cyber Liability Insurance
The experienced team at Wilber-Price Insurance Group is ready to help your business get the cyber liability insurance policy that best suits your needs. Contact us today for more information or a cyber liability insurance quote.