It’s a whole new world out there. No matter how small or large your business is, your risk of some kind of cyber attack is growing every day. Network problems, breaches of security, loss of vital data—all of these risks are now a standard part of the business environment. You need to protect yourself from liability that stems from these risks, and the best way is with the comprehensive approach offered by cyber liability coverage.
Types of Coverage
There are two types of insurance for cyber threats. Each type provides the kind of protection you need.
- First-party – This type is used to compensate your business for the costs of meeting customer and business needs that result from a cyber attack. Examples of what’s covered include:
- Verification that a breach to your system actually occurred
- The costs involved in notifying affected customers and creating positive public relations
- Customer credit monitoring
- Business interruption expenses
- Third-party – This type of cyber liability coverage protects you from a lawsuit brought by one of your customers as a result of a data breach. It includes coverage for infringement of copyright and other intellectual property issues.
For the most part, what’s happening today in cyberspace benefits everyone. But there will always be malicious people who want to do harm and will use these opportunities to attack whatever they can. Arm yourself with cyber liability coverage to make sure you’re protected.