Like many businesses, your firm probably uses computers to send, receive, or store electronic data. Such data might include sales projections, tax records, and other information owned by your business. If the data is lost, stolen or damaged due to a security breach, it could be very costly to replace or restore.
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Your computer system might also contain sensitive data that belongs to other parties such as customers, employees, or vendors. If the data is lost or compromised by a hacker, the owners might sue your company for damages. Your firm could also incur substantial notification expenses. Virtually states have laws requiring businesses to inform individuals whose personal information has been compromised in a data breach.
You can protect your business against the costs associated with data breaches by purchasing a cyber liability policy.
Cyber liability insurance protects your business from data breaches with affordable rates as low as $27/mo.
Cyber liability insurance covers financial losses that result from data breaches and other cyber events. Most cyber policies include both first-party and third-party coverages. Some coverages may be included automatically while others are available “a la carte.”
Examples of cyber policies are The Hartford’s CyberChoice, Travelers’ CyberRisk and Philadelphia’s Cyber Security products. All three provide a range of coverages and allow buyers to choose the ones they need.
Here are the types of first-party coverages you are likely to find in a cyber liability policy. These coverages may be subject to a deductible.
The liability coverages afforded by a cyber policy are usually claims-made. Coverage typically applies to damages or settlements that result from covered claims as well as the cost of your defense. Note that defense costs may reduce the limit of insurance.
Cyber liability policies protect your business from claims and expenses resulting from a data breach.
Policies aren’t standardized and contain unique terminology.
Most policies are flexible so you can choose the coverages you want.
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