Protect Your Business from Digital Threats
As technology continues to advance, the risk of cyber attacks and data breaches increases. As a business owner, it’s important to protect yourself and your company from the financial consequences of a cyber incident. That’s where cyber liability insurance comes in.
What is Cyber Liability Insurance?
Cyber liability insurance is a type of insurance that covers a business for losses resulting from a data breach or cyber attack. This can include expenses such as legal fees, credit monitoring for affected customers, and public relations efforts to repair damage to your business’s reputation.
Types of Coverage
- First-party coverage: This type of coverage helps pay for expenses related to a data breach, such as notification costs, credit monitoring, and legal fees.
- Third-party coverage: This type of coverage helps pay for expenses related to a lawsuit, such as defense costs and settlements.
- Cyber extortion coverage: This type of coverage helps pay for expenses related to a cyber extortion attempt, such as ransom payments.