Cyber Liability Insurance assists in managing incidents when your business is targeted by cyber criminals from the initial notification all the way through resolution. It also helps your business financially recover from the expense and legal costs resulting from cyber-attacks, like getting hacked or the loss/theft of client information.
Why do I need it?
Cyber-attacks are becoming more common, and nearly every business has some form of information that could use protection. Whether that is sensitive information on your clients, details about your employees, or information about business, such as budgets, marketing details, or bank account information. All of this is at risk when it comes to a cyber-attack.
If your business is a victim of a cyber-attack, it could cause monetary and other problems for you. A cyber-attack isn't just an inconvenience; it could jeopardize your intellectual property, harm your reputation with your clients, and even put you out of business if you do not have cyber liability insurance.
First-Party Coverage
• Cost of Data Recovery
• Cyber extortion costs (ransom demands from hackers)
• Cost associated with credit monitoring
• Cost of legal representation
• Cost of notification and public relations
• Cost of IT forensics
Third-Party Coverage
• Cost of legal and defense
• Compensation claims
• Penalties and fines associated with breaches of the Privacy Act
• Costs associated with investigations by a government regulator
