Cyber attacks have become a serious threat to businesses and individuals worldwide. In an effort to protect against cyberattacks, many companies are turning to cyber insurance.
What Is Cyber Liability Insurance
Cyber Liability Insurance, also known as cyber security insurance is an insurance policy that provides businesses with a combination of coverage options to help protect the company from data breaches and other cyber security issues, such as theft or extortion by computer hackers. This coverage can help mitigate the financial impact of a breach, including legal fees, fines, customer notification costs and any lost revenue related to business interruption.
What Does Cyber Liability Insurance Cover?
Cyber Liability Insurance can cover costs associated with data breaches and cyber-attacks on your business. Those costs can include such things as:
- 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
Cyber liability policies typically include three key components: data breach expense reimbursement; network monitoring services; and third-party vendor notification expenses.
Who Needs Cyber Liability Insurance
Every type of organization, from global companies to mom-and-pop shops that use technology to do business, face cyber risk. As technology becomes more complex and sophisticated, so do the threats that businesses face. It’s not a question of if your organization will suffer a breach, but if it does will your business be ready?
Any business or individual who handles sensitive data and/or has a website is at risk of being hacked. If you have a business that handles sensitive data, then you need to consider purchasing cyber insurance. Not only does it provide protection for your company, but it also protects customers from identity theft and other types of fraud.
Get A Quote For Cyber Liability Insurance
Cyber insurance is a necessity for businesses of all sizes. Before purchasing coverage, make sure to reach out to the professionals at JMG Insurance to help you know what risks apply to your business and how much protection you need. For more information on cyber liability insurance, give us a call at 1-844-304-7332 or contact us online.