Cyber Insurance, also known as Data Breach & Cyber Liability Insurance, helps cover liability expenses that respond to data loss or theft. It also helps your company comply with data-related regulatory requirements and provides guidance on how to prevent and handle a data breach.
Whether you’re a technology firm providing information technology consultation and a variety of technology services, or a retailer primarily engaged in brick-and-mortar commerce we represent carriers that offer Cyber coverage for whatever your business operation.
Regardless of size or industry, all companies use technology in some way to deliver their products and services.
Why Businesses Need Cyber Liability Insurance or Data Breach Coverage
Hackers can target personally identifiable information (PII) or personal health information (PHI) you keep on your business’ computers. That’s why it’s important to protect your business with data breach or cyber liability insurance, helping you respond quickly after a data breach or cyberattack. These coverages can help if:
- Your business’ computers get a virus that exposes private, sensitive information.
- Customers or patients sue after your business loses PII or PHI.
- You’re faced with high public relations costs to help protect your business’ reputation after a data breach.
Ask yourself these questions to see if your business needs data breach or cyber liability insurance:
- Do we collect, store, send or receive PII or PHI?
- Do we work in an industry with rules about customer information, such as healthcare, education or finance?
- What would we do if we faced a cyberattack today?
- What Is the Difference Between Cyber Liability and Data Breach Insurance?
It’s always important to know what business insurance covers. This is especially true for cyber insurance. Our data breach insurance and cyber liability insurance are two different policies. While they offer some of the same benefits, including access to our Cyber Center with easy-to-understand data breach prevention and response resources, both policies help protect your business in different ways.
What Is Data Breach Insurance?
If your small business is the victim of a breach, data breach coverage can help pay to:
- Notify affected customers, patients or employees
- Hire a public relations firm
- Offer credit monitoring services to data breach victims
For extra protection, we can also help you customize your data breach policy. Some coverages you can add include:
- Business income and extra expense coverage to help replace lost income if you can’t run your business because of a data breach.
- Prior acts coverage to help cover claims related to a breach that happened before your policy’s effective date.
- Extortion Coverage, which helps cover the amount you paid if someone takes your business’ data and demands a ransom.
What Is Cyber Liability Insurance?
Cyber liability insurance helps cover financial losses due to cyberattacks or other tech-related risks, as well as privacy investigations or lawsuits following an attack. For example, if a hacker locks your computers, starts deleting files and demands a ransom, this insurance can help you respond to the attack and help your business recover lost files and income.
If you have a large business and it is the victim of a cyberattack, cyber liability insurance can help cover:
- Legal services to help you meet state and federal regulations
- Notification expenses to alert affected customers that their personal information was compromised
- Extortion paid to recover locked files in a ransomware attack
- Lost income from a network outage
- Lawsuits related to customer or employee privacy and security
- Regulatory fines from state and federal agencies
Just request a proposal to find out coverage and premium options or contact us today.