Cyber Liability Insurance
Cyber Liability Insurance provides businesses with an extra layer of protection in case of an unfortunate cyber event that causes a financial loss. No business is immune from an cyber attack no matter how well their IT infrastructure is built or how much they implement monitoring and virus protection software, and that's why having the right cyber insurance is not only a good business practice but may be a compliance requirement in your industry.
Who needs cyber liability insurance?
Every business should have cyber insurance
especially those who accept credit card payments,,
have a website, use email, collects employee
information, use software to store client data,
and conducts business online. The biggest
misconception is that businesses are not
responsible for lost or stolen client or employee
data due to a cyber incident on a software
company they utilize. The Cybesecurity Infrastructure
& Security Agency (CISA) provides information on what businesses are responsible for when it comes to storing data and tools on implementing a cyber response plan.
What is covered by cyber liability insurance?
Costs related to a data breach
Ransom demands and other forms of network extortion
Social engineering, reverse social engineering, and funds transfer fraud
Business interruption and loss of revenues