Cyber Liability - What is it Who Needs it and How Can it Help Your Business
Do any of your clients work on the internet daily? Do they have a website? Then they have Cyber exposure. The good news is that Bloss & Dillard can provide a solution for your client with both admitted and non-admitted options.
So just what is Cyber liability insurance? This is an insurance policy that provides businesses with a combination of coverage options to help protect the company from data breaches and other cyber security issues.
Cyber liability insurance can cover costs associated with data breaches and cyber attacks on your business. Those costs can include:
- Lost income due to a cyber event
- Notifying customers affected by a breach
- Recovering compromised data
- Repairing damaged computer systems and much more
Our markets offer customized insurance options that address items such as: forensic investigations, litigation expenses, regulatory defense expenses/fines, crisis management expenses, business interruption, cyber extortion and betterment. Our customers can also access tools and resources to manage and mitigate cyber risk---pre-breach and post-breach.
A lesser-known benefit of cyber insurance is the role it can play in protecting your company long before a breach occurs. Extortion as a result of a cyber-attack is becoming more and more common for all business types and sizes. Although an internet Security Threat Reporting system found that 60% of all targeted attacks struck small to mid-sized companies. Most small to mid-sized businesses may be the most vulnerable and least prepared to handle a data breach. We have carriers that provide comprehensive insurance coverage, free cyber security tools to monitor and protect your business and 24/7 expert incident response to help you quickly respond to a cyber breach. You will sleep well at night knowing you are protected.
Keep this coverage in mind as a way to round out your client’s protection.Share on Facebook Share on LinkedIn
Posted by Ernestine Napier on Jan 24, 2022