What is Cyber Liability?
Running a business means facing physical risks such as property damage or injuries. However, another potential risk you may encounter comes from using technology.
Your company is or may be a target of a cyberattack. These could be ransomware, phishing emails, malware, or data breaches. Not only will these compromise your operations, but also your reputation and your customers' and employees' sensitive information. Additionally, you could lose money to phishing attacks or lose your business due to ransomware demand.
Cyber liability insurance is designed to cover data, privacy, and network exposures. This policy will help you respond to liability claims and help you recover from financial losses caused by attacks or breaches.
Who needs Cyber Liability Insurance?
Anyone can fall victim to cyber-attacks. Your business may become a target, especially if you:
Cyber Liability coverages
Cyber exposures keep evolving, so you have to make sure that you have adequate coverage to protect your business if a cyber attack happens.
Make sure your Cyber liability insurance has coverage for:
Additionally, you might want to consider whether your cyber liability insurance provider will cover the costs incurred to defend yourself against privacy lawsuits and regulatory investigations.
Two types of cyber liability insurance
Aside from helping you cover expenses due to breaches or stolen data(first-party coverage), you may face lawsuits from your clients for failing to prevent a data breach(third-party coverage).
First-party coverage, sometimes called data breach insurance, helps cover expenses directly impacting your business. Not only does it help you with costs incurred from hacking or data breaches, but it also helps clear the costs of notifying customers and paying for credit monitoring services for those affected.
For companies that gather client credit card information, first-party coverage is typically advised. It can cover:
A client might sue your business for not preventing a data breach or cyberattack at their company. The third-party coverage will help you settle costs of legal defense, including:
Get online Cyber Liability Insurance quote here. You may also call Arena Insurance Brokers, Inc. at 913-363-1300.
4705 Mission Road
Westwood, KS 66205
Overland Park Office:
8011 College Blvd.,
Overland Park, KS 66210
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