Cyber Liability Insurance
Cyber Liability Protects Digital Assets and All Types of DataDid you know that there are actual applications that can be downloaded, which can be used to monitor your computer activity and smartphone use?
Your business’s electronic and paper data is at risk every day. Internal or external hackers or errors can compromise your electronic data and any paper data. Cyber attacks can happen to companies of any size. In fact, small business and mid-size business are most at risk for cyber attacks. In 2011, nearly 72% of data breaches occurred in companies with less than 100 employees.
The question isn’t should you have a Cyber Policy but rather what type of limit should I carry and without a policy, could I afford to pay all the costs that I would incur or would it close my business down?
Some items you would be responsible to pay for up into the tens and hundreds of thousands of dollars or more besides a potential lawsuit and attorney fees could be:
- Credit monitoring and repair expenses
- Merchant Services
- Investigation expenses
- Notification expenses
- Public relations expenses to repair brand and image
- Legal expenses
- Fines and penalties
- Extortion costs from cyber attacks
To learn more about cyber liability click here to contact us.
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