Your networks and data are the lifeblood of your business. Unfortunately, from your brand reputation to an employee and their financial data, cyber attacks are increasing in frequency and intensity. Couple that with the need to comply with regulations like the GDPR, which can seem overwhelming. Our team is ready to customize the solutions to keep your organization and all its information flowing smoothly and safely.
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Error & Omission liability
Crisis management coverage
A cyber attack on your computers can be harmful and you would become liable for the losses & expenses incurred.
Depending on the policy, coverage may include the cost of hiring an attorney, forensic accountant, computer expert, or public relations expert to assess the scope of the damage, determine whose data was compromised, help mitigate the loss, and protect the company’s reputation.
Prior acts coverage
There can be instances where a data breach occurs before your policy’s effective date and You fail to get coverage for the same.
Prior acts coverage can be taken to help cover claims related to a breach that happened before your policy’s effective date.
Crime extortion coverage
A data hacker can steal your confidential data and ask for a ransom in return. You will be liable to pay the ransom from your pockets.
This covers a ransom paid to a hacker who’s breached a company’s computer system and threatened to commit a nefarious act like damaging data, introducing a virus, initiating a DoS attack, or releasing confidential data unless the ransom is paid.
Error & omission liability coverage
There can be instances where a cyber-attack caused due to the negligence of an employee may result in a data breach.
This covers claims against the business arising from negligent acts, errors, or omissions such as the failure to protect sensitive data, the failure to provide the notification of a data breach, or the failure to prevent a security breach that results in a DoS attack or the introduction of a virus.
There is a possibility that your business is sued for copyright or any alterations to someone else’s website, where you become liable for lawsuits, if any.
This coverage takes care of third-party advertising injury claims on the internet and includes IP infringement, copyright infringement, libel, slander, and defacement of a website.
What is Cyber Liability Insurance?
Cyber liability insurance covers financial losses that result from data breaches and other cyber events. Policies vary because most insurers that offer cyber coverage use forms they've developed themselves. In addition, many policies include both first-party and third-party coverages.
First-party coverages pay out-of-pocket expenses that a firm directly incurs as a result of a breach. The term "third-party coverages" refers to a corporation's financial obligations to make in case of lawsuits or claims for injuries brought about by the firm's conduct or inaction. For instance, a patient files a negligence claim against his therapist after a hacker gains access to the therapist's computer system, obtains the patient's medical records, and posts them online.
Numerous cyber plans offer a variety of coverages, some of which are standard and others of which are optional. Each coverage could have its restriction. Only once the insured business has paid a deductible or retention may some coverages take effect.
The Importance of Cyber Liability Insurance
Any business with an online component or one that sends or stores electronic information might benefit from cyber insurance, as may any organization that relies on technology to conduct its operations, which is relatively every business.
Intellectual property, sensitive financial information, and private personal information like customer or employee contact information are all potentially very valuable targets for cybercriminals who try to hack into the network and steal it.
Additionally, ransomware can be used by hackers to disable a network. Organizations that experience attacks like this may find relief from their situation with the aid of cyber insurance coverage that covers ransomware.
As cyber risks evolve, so too must your coverage. Understanding where traditional policies and other property and casualty insurance policies complement, overlap, or exclude cyber exposure is critical. Contact us today to know more!
Already have Cyber Liability Insurance? Switching is easy
It might be time to switch insurers whenever the service that your existing insurer provides doesn’t meet your needs. For example, if you have a poor claims experience or an unexplained rate increase, it might be time to consider other options
If you cancel a previous policy before a new policy is effective, you could run into some serious financial problems.
Contact us today to help you with multiple options to choose from.