Cyber Liability Insurance
What is Cyber Liability Insurance?
Cyber liability insurance exists to help businesses respond to a range of cyber incidents which can include breaches of personally-identifying information, damages to data and systems from computer attacks, and cyber-related litigation.
Cyber liability insurance typically provides coverage for the costs associated with computer software restoration, data recovery, third-party liability protection, response efforts, defense & liability, and identity recovery for key individuals within your organization.
Coverage limits range from $100,000 - $5 million.
Why Have Cyber Liability?
The cost of a data breach and the reputational damage to your business after a breach occurs can be devastating. Businesses need a well-designed insurance policy to provide the protection you need, and breach management expertise to ensure the breach is handled properly and in accordance with regulatory requirements.
Even with the best systems, controls, personnel and procedures, everyone is at risk of a cyber breach. It's not IF you have a cyber breach, its WHEN you have a cyber breach.
How Can I Obtain Cyber Liability Insurance?
Typically on a commercial package policy, most carriers will have a specific endorsement to give limited cyber coverage; for higher limits and broader coverage a stand alone cyber liability policy is be an additional option.
Contact us to start the conversation about what limit of cyber liability insurance is right for you; your cyber security matters!