A cyber attack can be devastating. Not only can it result in lost data, but it can also cause financial and reputational harm to your business, as well as your customers. Cyber liability insurance can provide coverage for a wide array of cyber crimes and financial assistance if you experience a cyber attack. To find out more about coverage, contact your Ten Eyck Group Insurance agent today.
Is There Insurance for Cyber Attacks?
Cyber liability insurance provides a layer of protection for your business if you are a victim of cyber attacks or cyber crime. Every size business faces cyber risks. Cyber liability insurance can protect businesses from the financial fallout when threats such as the following happen:
· Network security and privacy liability
· Network business interruption
· Media liability
· Errors and omissions
Whether it’s a first-party or third-party cost, this type of policy can help after an attack when your business is most vulnerable.
Factors that affect your rates include the following:
· Size and industry
· Amount and sensitivity of data
· Annual revenue
· Strength of security measures
· Policy terms
To determine what your insurance rate may be for cyber liability coverage, contact your agent today.
What Is Not Covered By Cyber Insurance?
Cyber liability insurance provides a wide array of coverage for your business, but it won’t cover every risk and cost. The following may be excluded from coverage:
· Upgrades. If you experience an attack and need to upgrade your systems afterward, your policy may not cover the upgrade.
· Future profits. Your policy typically won’t cover future profits you’re expected to see.
· Decreased valuation. If you experience a cyber attack and your company’s valuation changes, your policy typically won’t cover the loss.
Every policy is different, and so is coverage. Contact your agent to determine what is and isn’t covered by your cyber liability policy.
Learn More About Cyber Liability
At Ten Eyck Group Insurance, we understand how important it is to protect all aspects of your business, even the virtual ones. If you’re considering cyber liability insurance, contact your agent today to get started.