Cyber Liability Insurance
Cyber Liability Insurance Quote Forms
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Cyber Liability Insurance Information
With the increasing amount of information from your business kept online, it’s more important than ever to bolster your online defenses. Small companies are at risk of cyber attacks that can compromise customer data and confidential information. To protect yourself against cyber attacks, you can get cyber liability insurance. Cyber liability insurance is a coverage option designed to protect your business from cyber risks. Contact your agent at Ten Eyck Group to get started on coverage.
What Is Covered by Cyber Liability Insurance?
Cyber liability insurance helps protect your business’s technology by covering data breaches and any potential hacking incidents. A cyber liability insurance policy may help cover costs related to a cyber incident so your business doesn’t incur significant out-of-pocket expenses. Cyber liability insurance covers several areas of potential loss, including:
What Are Common Cyber Attack Costs?
Your computer systems are at risk of being hacked, stolen or compromised. If you experience a cyberattack, the following are some of the common costs associated:
Liability—If you experience a cyberattack, you could be liable for costs incurred by customers or other external parties.
System recovery—Repairing or replacing computer systems or lost data can result in significant costs.
Notification expenses—In some states, you are required to notify customers if their data is compromised or is suspected to have been compromised. This can be a costly endeavor, depending on your customer base.
Regulatory fines—Businesses are often required to protect consumer data. If you aren’t insured and experience a cyber attack, you could be required to pay costly fines.
Class action lawsuits—Compromised data and privacy could lead to class action lawsuits depending on the scale of the data breach.
Cyber attacks can create significant financial hardship if you’re not properly insured. Contact your agent to discuss your state’s requirements and your business’s needs.
Learn More About Cyber Liability Insurance
At Ten Eyck Group, we want to help keep your business and customers safe from any cyber attacks that could occur. To learn more about cyber liability insurance for your business, contact an agent today and get started.
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