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.
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