Cyber Liability Insurance
Cyber Liability Insurance Information
In a world increasingly dependent on technology, robust cybersecurity must be considered an essential component of risk management and loss control measures. However, even organizations that devote ample time and attention to cyber risks and exposures may eventually be involved in a data breach or other cyber incident. Fortunately, cyber liability insurance can provide critical financial assistance to limit out-of-pocket losses and expenses that might otherwise have catastrophic consequences.
What Is Cyber Liability Insurance?
Cyber liability insurance is a type of coverage tailored to providing financial protection from various cyber risks and incidents. Like many types of insurance policies, cyber liability coverage establishes a contractual agreement between policyholders and insurance companies. After purchasing their policy and maintaining it with regular premiums, organizations may retain access to financial resources to help them manage the aftermath of a cyber incident.
What Does Cyber Liability Insurance Cover?
A cyber liability insurance policy’s details may vary significantly but typically can respond to many common cyber incidents, including phishing attacks, malware infections and other data breaches. In response, cyber liability insurance may help pay for the following:
- Response costs, including notifying affected parties and investigating the incident
- Additional help, such as hiring IT contractors, credit monitoring services and crisis management teams
- Fines issued for failing to comply with data protection laws and regulations
- Business interruption losses resulting from the incident delaying or disrupting normal operations
- Cyber extortion, such as paying off ransomware perpetrators
- Restoration costs for data, systems and networks that were compromised during the incident
Get the Right Coverage
At Marietta Insurance Services, our team has the knowledge and experience to help businesses in the Marietta and Canton areas assess and address their cyber liability coverage needs. Contact us
today to get started.