Your business is your livelihood and it is crucial that you have the proper coverage in place to protect your assets – including your data. At The Insurance Center, we are committed to helping you safeguard your business. Cyber liability insurance is a critical part of your protection plan that can help mitigate the associated expenses of a cyber attack or data breach.
As a business owner, it is your responsibility to protect the security of sensitive records and information. Our society increasingly becomes more reliant on technology and electronic communication as more business is being conducted online. Companies are collecting more information about their customers through the use of online forms.
Data can be compromised in a variety of ways. Some of the most common cyber events involve hacking, lost or stolen laptops/devices, employee errors, or ransomware. It is important to note that a typical general liability policy excludes coverage of electronic data.
Cyber liability policies might include one or more of the following types of coverage:
- Liability for security or privacy breaches. This would include loss of confidential information by allowing, or failing to prevent, unauthorized access to computer systems.
- The costs associated with a privacy breach, such as consumer notification, customer support and costs of providing credit monitoring services to affected consumers.
- The costs associated with restoring, updating or replacing business assets stored electronically.
- Business interruption and extra expense related to a security or privacy breach.
- Liability associated with libel, slander, copyright infringement, product disparagement or reputational damage to others when the allegations involve a business website, social media or print media.
- Expenses related to cyber extortion or cyber terrorism.
- Coverage for expenses related to regulatory compliance for billing errors, physician self-referral proceedings and Emergency Medical Treatment and Active Labor Act proceedings.
To safeguard your business from the exposures of conducting business online, you need specialty coverage. Making the investment in cyber liability insurance can mean the difference between maintaining your business or closing your doors after a cyber attack. To ensure your business is properly protected against cyber attacks call The Insurance Center at 603.542.2551.