Cyber Liability Insurance

In the digital era, your workplace may rely on various applications, programs and other technological advancements to pursue innovation and streamline operations. However, these new implementations can also create or exacerbate cyber risks and exposures. With this in mind, acquiring and maintaining adequate cyber liability insurance is as crucial as ever.

What Is Cyber Liability Insurance Coverage?

As its name suggests, cyber liability insurance can help financially fortify your organization from the fiscal ramifications of a cyber incident, such as data breaches, malware infections and phishing attacks. This type of coverage may also be known as cyber insurance and cyber security insurance; it should be considered as a loss control measure for most modern businesses.

How Does Cyber Liability Insurance Work?

Cyber liability insurance can offer much-needed financial security following a cyber incident. Without adequate coverage, such incidents could incur devastating out-of-pocket expenses and losses, which could have far-reaching financial and reputational ramifications. Fortunately, by purchasing a policy from cyber security insurance brokers and maintaining it through your regular premiums, you can file a claim following a cyber incident, potentially garnering crucial funds during difficult times.

What Is Covered Under Cyber Liability Insurance?

The exact details of a cyber liability insurance policy may vary, but in many cases, coverage may provide financial assistance for the following incident-related losses and costs:

• Incident response costs, such as notifying affected parties
• Business interruption losses, such as reduced revenue
• Hiring additional help, such as public relations firms and IT contractors
• Cyberextortion expenses, such as meeting the demands of a ransomware perpetrator
• Costs arising from lawsuits, such as attorney fees, settlements and judgments

Get the Right Coverage

As an independent agency, the Insurance Solutions Center is well-positioned to help your business explore various coverage options and secure optimal policies. Contact us today to learn more or to get a personalized cyber liability insurance quote.