What is Cyber Liability Insurance?
Cyber liability insurance protects businesses from the high costs of a data breach or malicious software attack – sometimes called a ransomware attack. It covers expenses such as cyber extortion payments, customer notification, credit monitoring, legal fees, and fines as well as business interruption expenses, including the cost of hiring additional staff, renting equipment, or purchasing third-party services.
Why do businesses need cyber liability insurance?
Every day more and more businesses are victims of cyberattacks and data breaches. And it’s not just large companies that are hacked. Many small businesses have weak cybersecurity, which makes them an appealing target.
It’s important to note that standard Property and General Liability insurance policies typically exclude data and technology issues.
And a cyberattack isn't just a nuisance – it can put you out of business. In fact, according to the National Cyber Security Alliance, 60% of small businesses go out of business within six months of a cyberattack.
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