Cyber Liability Insurance
Any business with a network database of customer and /or employee information is a potential target for cyber criminals to steal information or for an accidental release of personal identifying information or personal health information. Your business can suffer severe effects of a broad range of third-party liability and first-party risks associated with data privacy and network security, including hackers, malicious software, rogue employees, hardware theft and more. Even if you don’t host your data yourself, you are still responsible.
When it comes to Cybercrime, the United States is number 1 with 23% of crime being cyber related. It is important that all companies and business with computer databases that hold important information to have Cyber Liability Insurance. Whether large or small, all companies are at risk. Data breaches can be especially difficult to deal with for smaller companies, so a strong policy would help ease that burden.
Having Cyber Liability Insurance can help ease the cost of a breach on the company. The policy is constructed to cover expenses that occur due to a data breach. It can cover the cost to defend oneself in court as well as fines that are placed on the company due to a breach.