Cyber Liability
Cyber Liability insurance, also known as cybersecurity insurance, is a type of business insurance that protects against financial losses caused by cyberattacks, data breaches, and other cybersecurity issues.
Here are a few things to know about Cyber Liability Insurance:
Cyber liability insurance is important because cyberattacks can have a significant impact on a business, including: Loss of customers, loss of reputation, loss of revenue, and Liability for damage to third-party data.
Cyber liability insurance can help cover a variety of costs, such as:
Legal fees: Costs associated with civil suits, regulatory fines, and penalties
Data recovery: The cost of recovering data that has been compromised by an attack
System damage repair: The cost of repairing computer systems that have been damaged by a cyberattack
Ransom demands: The cost of meeting extortion demands from attackers who have compromised data
Attack remediation: The cost of hiring security or computer forensic experts to remediate an attack or recover compromised data
Cyber liability insurance is different from a general iability policy, which typically doesn't cover the operational, legal, and other costs of cyberattacks. Cyber liability insurance can be added to various types of insurance by endorsement, or purchased separately.
The cost of cyber liability insurance depends on several factors, including:
The type of business
The number of credit/debit card transactions performed
The amount of sensitive personal information stored
