Is your data secure? Probably not. Cyber Liability Insurance protects you from third party liability claims and provides assistance with regulatory and response services should your systems be compromised.
Why do I need Cyber Liability Insurance?
Data breaches continue to rise. Hackers are constantly trying to find ways to break into systems. A system is only secure until it is breached, then the new vulnerabilities are discovered and fixed. Even if you take all of the security precautions available to protect your computer systems there is no guarantee hackers won't find a way to break them.
A data breach can cause serious harm to your business, there are other financial implications outside of the costs associated with fixing the computer systems. You may be liable for potential damages should you have exposed customers data. There is also Federal and State reporting which must be completed along with the possibility of fines be levied against you. The hacker may not expose the hack, they may try to extort money from you for their silence. And, let's not forget the potential loss of future business if customers lose faith in your company!
Cyber Liability coverage is here to protect you from these expenses.
What does a Cyber Liability policy cover?
The Cyber Liability policy provides up to $1 million of cover annually and offers policyholders free data security risk management services. The policy provides protection against:
- Information Security and Privacy Liability
- Privacy Breach Response Services
- Regulatory Defense and Penalties
- Website Media Content Liability
- Payment Card Industry (PCI) Fines, Expenses and Costs
- Cyber Extortion
- Data Protection
- Network Business Interruption
Frequently Asked Questions
If our servers are hacked and need to be replaced is that covered?
No, the cyber liability policy does not cover physical property.
Would loss of monies due to unauthorized transfers following a hack be covered?
No, the cyber liability policy does not protect against this type of crime.
In the event of a hack can we choose our own breach response provider?
No, only approved breach response companies can be used.