Cyber Liability Insurance

Unfortunately, data breaches and other cyber crimes have become increasingly common. A data breach can result in major fines and legal fees – not to mention headaches - for all types of businesses and organizations.

We have all heard about the global organizations that have suffered from data breaches in recent years. But it’s not just large organizations that are susceptible. Did you know that 55% of small businesses have experienced a data breach and that 53% have had multiple breaches?

A stolen laptop, a careless employee, or a virus can cause a data breach large enough to be detrimental to a business' finances and reputation. It now costs an average of $6.5 million to rectify the damage from one cyber attack or data breach. That's why every business owner should consider cyber liability insurance.

What does cyber liability insurance cover?

Cyber liability insurance covers a business' liability for a data breach in which clients'  personal information, such as Social Security or credit card numbers, is exposed or stolen by a hacker or anyone else who has gained access to the businesses' records.

With a comprehensive cyber liability policy, you can feel confident you’re covered in case of data breaches and related issues, including:

  • Data compromise protection to cover employee and customer information if your data should ever be hacked, stolen (physical and electronic), corrupted, or subject to procedural errors or internal fraud
  • Legal cost protection incurred by legal reviews
  • Forensic services to assist in determining the nature, extent, and perpetrators of an electronic breach
  • Personal services for any persons affected, which may include help line services, credit monitoring and case managers for identifying theft victims.
  • Public relations costs paid for firms to review and respond to the potential impact of the data compromise
  • Costs of legal defense in an event that the company is sued due to the breach
    Identity recovery protection to identity fraud victims and restore their credit history and records. This includes owners, employees and family members.

We can help protect your business against damage to electronic data, virus or malware attack, liability to third parties, and also help recover the cost of:

  • Restoring and recreating data to your system
  • Restoring systems to pre-attack levels
  • Lost business and unforeseen expenses
  • Public relations services, to communicate with outside parties concerning a computer attack and your public response

Who is cyber liability insurance for?

Cyber liability coverage is available for any business, small and large, nonprofit organizations, and retailers. You may be able to save cost by bundling coverage with another policy to create a comprehensive suite of business liability coverages.

We can help you assess the risks to your business, and find the protection you need.

We're here to help

We know that insurance can seem overly complicated. That's why we're here.

If you have any questions about protecting your business or want to review your current policy, please do not hesitate to contact us. We are always happy to help.