Getting hacked isn’t just a hassle. It also poses a potentially huge and unexpected cost to your business.
Cyber liability insurance is a specialized policy that’s customized to cover many of the risks your business faces from an information breach–and even covers some risks you might not have thought of.
A number of action steps must be taken once your business has experienced a cyber hack. These steps include:
- notifying customers and clients of the breach (a legal requirement in most states)
- restoring your business’ website to working order
- dealing with extortion attempts
- paying damages to clients, customers and suppliers who lose out because of your breach
All of these necessary action steps can lead to a hefty, unexpected cost for your business. Not to mention, dealing with the aftermath of a cyber hack could close your business temporarily, which could result in a loss of income.
A cyber liability insurance policy can help you to cover the expenses associated with a cyber hack. Additionally, some commercial cyber liability policies cover loss of business while your systems are compromised or unavailable. You can even get coverage against inadvertently breaching somebody else’s copyright.
In addition to protecting your business against cyber risks financially, obtaining cyber liability insurance can also help reduce potential risks, because insurers will talk through your current cyber-defenses and identify potential weaknesses that you need to plug.
Want to obtain a cyber liability insurance policy for your business? Reach out. We’re ready to help!