Cyber Liability Insurance
Cyber liability insurance is designed to provide first-party and third-party liability protection to businesses in connection with the theft or destruction of customer or employee data and for other related coverages such as hacking and cyber attacks.
This product is also known as cyber risk insurance and cyber security insurance.
Examples of first-party and third-party coverages provided by cyber liability insurance include the following:*
- Direct loss of digital assets such as data and programs
- Costs and expenses related to your liability for the loss of digital assets
- Loss of income due to interruption of computer system
- Cyber extortion payments
- Costs incurred to address the data breach, such as customer notification, credit protection, and public relations expenses.
- Costs incurred to protect digital assets and mitigate further data breaches.
* Please note that the coverage provided by cyber liability insurance varies by insurance company.
Applicants for coverage should note that the above list is provided for informational purposes only and that each insurance policy should be carefully reviewed for coverage details and exclusions.
Any business that keeps sensitive customer or employee information such as credit card numbers, social security numbers, medical records or that has valuable other digital assets such as computer programs is at risk of a data breach which could end up costing millions of dollars to address.
We have access to multiple insurance companies that offer cyber liability insurance and can find a solution to address the cyber risks faced by any type of business.
Give us a call to discuss your cyber liability insurance needs.