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ServicesCyber Risk ManagementCyber Liability Insurance

Cyber Liability Insurance

Most commercial property and general liability policies do not cover cyber risks, and cyber insurance policies are highly customized for clients

There are numerous risks posed by a cyber attack including, but not limited to:

  • Identity theft
  • Business interruption
  • Damage to reputation
  • Data repair costs
  • Theft of customer lists or trade secrets
  • Hardware and software repair costs
  • Credit monitoring services for impacted consumers
  • Litigation costs

Cybersecurity Insurance Basics:

  • Cybersecurity damage insurance covers material damages that the company and its employees suffer in the event of a breach
  • Cybersecurity liability insurance covers expenses incurred when action needs to be taken to solve the breach and deal with the fallout from effected customers and parties
  • Cybersecurity insurance is a necessary component to dealing with financial, material, and reputational damage that a cyber breach causes
  • The services provided usually include monetary payments and access to advisors that can help start to repair damages to reputation and customers
  • While comprehensive cyber insurance doesn’t really have an alternative, payment card vendors may provide some insurance in the event of a breach

What does Cyber Insurance Cover?

  • Cyber insurance generally covers your business' liability for a data breach involving sensitive customer information, such as social security numbers, credit card numbers, account numbers, driver's license numbers and health records
  • Besides legal fees and expenses, cyber insurance typically helps with: notifying customers about a data breach, restoring personal identities of affected customers, recovering compromised data, and repairing damaged computer systems

Benefits of Cybersecurity Insurance Plan:

  • Traditional commercial general liability and property insurance policies typically exclude cyber risks from their terms
  • Covers costs arising from data destruction and/or theft, extortion demands, hacking, denial of service attacks, crisis management activity related to data breaches, and legal claims for defamation, fraud, and privacy violations
  • Few cybersecurity insurance policies, however, provides businesses with coverage for an area of growing private and public concern: the physical damage and bodily harm that could result from a successful cyber attack against critical infrastructure

How to Approach Cyber Liability:

  • First-party insurance typically covers damage to digital assets, business interruptions and, sometimes, reputational harm
  • Third-party insurance covers liability and the costs of forensic investigations, customer notification, credit monitoring, public relations, legal defense, compensation and regulatory fines
  • Best approach is to identify and secure the company's digital crown jewels, then quantify and insure the remaining risk
  • Investigate what risks are covered by existing insurance packages, because there may be overlaps with a cyber insurance policy
  • Cybersecurity insurance doesn't do a good job of covering intellectual property theft or the reputational damage and business downturn that can be caused by a security breach

Our Cybersecurity team lives for finding and fixing vulnerabilities to fiercely protect our partners. Most organization using technology to do business are susceptible to cyber risk. As technology grows and becomes more complex, so do the threats we face. It is crucial for every business and organization to prepare themselves with both cyber liability insurance and an effective cyber risk management plan to mitigate cyber risk. Cyber Liability Insurance provides multiple coverage options to help protect your business. It is important to remember, it's not a question of if your organization will suffer a breach, but when.

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