What You Need To Know About Cyber Liability Insurance
Posted by Legacy Insurance Group on
What Is Cyber Liability Insurance?
Cyber Liability covers losses that a business incurs as a result of data breaches & other cyber-related events. This includes costs such as notifying affected parties via mailings, websites, call center response, credit monitoring, hiring forensic experts & complying with regulatory fines & penalties as well as ransom & extortion fees, legal fees & representation, damage involving a lawsuit & loss of revenue
What Does Cyber Liability Insurance Cover?
Cyber Liability includes both 1st-Party Coverage & 3rd-Party Coverage:
1st Party coverage includes coverage for Business Interruption, Crisis Management, Fraud Response, Public Relations, Forensic & Legal Expenses, Ransomware, Cyber Extortion, Social Engineering & Data Recovery
3rd Party Expenses include coverage for Enterprise Security Event Liability & Privacy Regulation Liability
Who Needs Cyber Liability Insurance?
If you collect sensitive data such as PPI (Protected Personal Information) or PHI (Protected Health Information) such as:
Payment Information including Banking Info & Credit Cards
Social Security Numbers
Names & Addresses
Dates of Birth
Or other sensitive information which should be kept confidential, you & your customers are potentially at risk for a cyber attack.
How Do I Learn More About Cyber Liability Insurance?
Contact our local agency today at 703-430-1200 for more details on how you can avoid becoming a victim of cyber attacks, protect your data and protect your business from a catastrophe.
A licensed agent can help you secure the policy coverage you need or assist you with information on insuring your Auto, Home, Life or Business