What is Cyber Liability insurance?
The sensitive data belonging to your customers and clients stored within company servers and on the cloud is vulnerable to attacks from hackers and other cyber criminals all over the world. Most business owners think only large corporations are in danger of cybercrime attacks. The reality is, all business, big and small alike, that are connected and utilize the Internet are susceptible to risk.
How can cyber liability insurance benefit your small business?
More than one-third of businesses experience a data breach each year. If a similar event happened at your small business, would you be able to survive through and pay for the resulting damages?
Many cyber liability policies cover a variety of expenses associated with a cyberattack:
- Stolen data retrieval
- Reimbursement of fraudulent charges
- Identity protection services for customers at risk of identity theft
- Damage control for your business’ reputation
- Legal fees associated with the attack
- And other cleanup efforts
A general liability policy often excludes losses incurred because of the Internet. A cyber liability policy can fill in that gap. It may be the difference between closing your business and making a comeback.
Does your business need Cyber Liability Insurance?
- The business has a network that their employees all save data on, which is helpful but also puts the entire operation at risk should a computer virus work its way in.
- The business keeps customer/patient records such as medical histories, credit card, bank account and Social Security numbers in its database – which is a target for hackers.