Cyber Liability Insurance
Cyber liability insurance, also known as cyber security insurance or cyber insurance, is essential coverage for businesses that store sensitive information online. Even if a business has extensive cyber risk management practices, computers, storage devices and networks are susceptible to cyber attacks.
The experienced team at Cormack-Routhier Agency Inc. in Cranston, Rhode Island, can help businesses in Cranston, Providence, Newport and the surrounding areas secure the cyber liability insurance policy that best suits their operations. Contact us today for more information.
What Is Cyber Liability Insurance Coverage?
Businesses of all sizes are increasingly exposed to the potentially catastrophic consequences of cyber attacks. Cyber liability insurance is a type of commercial insurance that can be purchased by a business to reduce the financial risks associated with data breaches and other cyber security events.
Why is Cyber Liability Insurance Important?
Cyber liability insurance is essential because standard business insurance policies, such as commercial property insurance and general liability insurance, may not cover losses due to cyber security incidents. This may leave your business financially vulnerable after a data breach or other cyber security event. A cyber liability insurance policy can help fill this gap.
What Can Cyber Liability Insurance Protect Businesses From?
Cyber liability insurance helps to indemnify policyholders after a cyber attack. The financial assistance it provides after a covered incident can reduce your out-of-pocket costs. Policies vary, but cyber liability insurance generally provides coverage for cyber security events such as:
- Data breaches
- Malware attacks
- Phishing attacks
- Ransomware attacks
- Cyber extortion events
- Unintentional releases of confidential information
- Malicious destruction of data
- Distributed denial-of-service (DDoS) attacks
The claims payments may be used to:
- Notify affected parties
- Pay for regulatory fines, fees or penalties
- Investigation of the cause of the data breach
- Cover income that was lost as a result of the cyber attack
- Provide cyber extortion-related expenses
- Recover lost or stolen data
- Pay for public relations services to help restore your business’s reputation
Additionally, cyber liability insurance may provide coverage for costs (e.g., court costs, settlements and judgments) that arise if a lawsuit is filed against your business after a cyber security incident. It may also pay for credit monitoring services for the affected clients.
Reach out to our agents for more details on policy terms, limits and exclusions.
How Much Cyber Liability Insurance Do I Need?
Each business’s cyber liability insurance needs vary. Factors such as your industry, risk profile and how you use and store data may impact the coverage your operations should consider. Our knowledgeable agents can assist you in selecting the right policy.
The professionals at Cormack-Routhier Agency are ready to help you get the cyber liability insurance policy that best addresses your needs. Contact us to get started with a cyber liability insurance quote.