What Is Cyber Liability Insurance?
Cyber Insurance covers broad range of information security-related claims, including data breaches, network failures and media or content liability.
Although this type of liability may be something commonly associated with giant companies, there are still thousands of small businesses handling sensitive information that can be exposed and can hold them liable to potential claims.
All it takes is one breach, whether it’s as sophisticated as a hacking or as simple as an employee’s laptop being stolen, for it to cost your business seriously.
So, if you’re a business that handles credit card information or personal property information, you may want to re-consider.
What Does Cyber Liability Insurance Cover?
When your customers’ private information has been exposed, this is called a data breach. This can cause damage or loss. Cyber liability covers most expenses to remedy or manage the situation. This includes from investigatory costs to legal and court expenses.
This takes care of third-party advertising injury claims that occur on the internet. Examples of media liability include IP infringement, copyright infringement, slander and more.
Covers third-party damages when there is denial of access incidents or theft of data.
Covers in the event that digital information is damaged or stolen. It will also cover professional fees involved in dealing with extortion threats.
Loss of Physical Records
Covers loss of information whether stolen or exposed. This also includes physical devices such as laptops, or other devices used to store information.
For more ideas, read our recent article “Are You a Freelancer? You May Need Professional Liability”
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