Commercial Insurance Term: Cyber Liability Insurance
What Is Cyber Liability Insurance and Why Do You Really Need It?
There’s a lot of talk about cyber risks today – data breaches, ransomware, and cyber theft – are all words you hear floating around. If you’re a small business, it can be pretty worrisome to take someone’s credit card today. Doing so may mean you are now responsible for safeguarding that information. If it gets out, it could cost you millions.
Take it easy – cyber liability insurance offers the protection you need from such events. All businesses that gather the personal data of their customers (including names, addresses, credit card information, medical information, and other details) needs to have this. You also need it to minimize risks to your own company’s data.
What Does Cyber Liability Insurance Do for You?
Cyber liability insurance provides coverage for sensitive customer information and health records, extending your liability insurance coverage to include more of the risks companies face today. Most general liability insurance policies don’t incorporate cyber liability in them. Small to medium-sized businesses need to have security systems in place to minimize such threats, but if they still happen, insurance helps cover your losses.
This coverage is designed to do more than the basics, though. It can help with:
- Covering legal fees and expenses if an event like this happens
- Helps you pay for notifying your customers about what happened
- Aids in providing them with tools to protect their identity, such as credit monitoring services
- Helps them restore any impacted identity loss
- Recovers any compromised data
- Aids in paying for damaged computer systems
There are several types of cyber liability insurance to select from, each providing a different level of protection. Most companies need to have some level of protection in place that can offer credit monitoring services to the public and helps with identity fraud restoration services. Some also help to protect company computers from computer or virus attacks.
With cyber liability coverage, you still have to put in place security to minimize such attacks. However, if it does happen, you have a level of financial protection available to you to minimize any risks. Talk to your insurer about the ways you can minimize financial loss should a cyberattack like this happen. Remember, even the largest companies with incredible security have fallen victim to cyber threats. You don’t want to be the next target.
Do you have questions about your insurance? Find an insurance agent near you with our Agent Finder
Search All Blogs
Search All Blogs
Read More Blogs
Vintage Years of Vision: Four Times Hollywood Hit Cinematic Gold
Like fine wines, certain years in film history stand out for their exceptional quality and the enduring impact of the movies they produced. This article explores four such landmark years, presented chronologically, that many cinephiles consider to be among the greatest in cinematic history.
Green Means Growth: How Environmental Responsibility Can Boost Your Business
It might seem like a secondary concern when facing immediate business challenges, but embracing environmentally friendly practices can actually be a powerful strategy for improving sales, attracting top talent, strengthening your brand, and even saving money. This article explores the tangible benefits of going green for your company’s bottom line and long-term success.
The Forgotten Beauty: Unearthing the Story of the Volkswagen Karmann Ghia
Beyond the iconic Beetle and the groovy Microbus, Volkswagen produced a surprisingly elegant and often overlooked sports car: the Karmann Ghia. This article explores the history, design, and enduring appeal of this “poor man’s sportscar” that has become a sought-after collectible.
Peace of Mind at Home: Building Your Essential Supply Stockpile
Recent global events have highlighted the importance of being prepared for the unexpected. This article outlines key non-perishable food items and essential household supplies that every homeowner should keep on hand to ensure comfort, security, and resilience during unforeseen circumstances.
Faded Glory: Remembering the Sports That Once Ruled Our World
Remember when these sports were huge? Take a trip down memory lane with harness racing, bowling, boxing, and poker, and explore their shift in popularity.
Shielding Your Dream: Essential Insurable Risks Every Small Business Faces
Protect your small business! Understand key insurable risks like liability, vandalism, theft, employee injuries, and business interruption, and how insurance can help.
Finding Your Financial Foundation: Understanding the Minimum Life Insurance You Need
What’s the minimum life insurance you really need? Learn about covering final expenses, debts, and providing immediate financial relief for your family.
The Century-Long Rumble: The Epic Rivalry Between Ford and Chevy
Relive the classic Ford vs. Chevy rivalry, from the Model T era to the Mustang vs. Camaro showdown and today’s truck dominance.
Living Large: Peeking at the United States’ Most Outlandishly Expensive Homes
Explore the incredible world of ultra-luxury real estate with a look at some of the most expensive homes recently sold in the United States.
Curious Origins: Unraveling the Stories Behind Everyday Phrases
Uncover the surprising stories behind everyday phrases like “holy Toledo,” “crocodile tears,” “jaywalking,” and more!