so you better protect what's online
What is Cyber Liability Insurance?
What does Cyber Liability Insurance cover?
Essentially, cyber insurance coverage fall into two categories: first party liability and third party liability. The typical coverages can be found below:
- First Party Loss: business interruption, electronic data replacement, forensic breach response and reputational damage.
- Third Party Loss: security and privacy liability, defence cost, regulatory breach liability.
Is Cyber Liability Insurance important?
Who needs Cyber Liability Insurance?
If your business handles sensitive data, such as names, gender, age and banking information, and relies on computer systems to conduct your business, then you fall under the category of businesses that need cyber insurance. Nonetheless, it must be emphasized that you should adhere to proper protection protocols in order to protect your company’s assets. What’s more, it does not matter what size your business is, whether you are simply a mom and pop shop that use some sort of technology or you are a global company, cyber liability can be beneficial for you. As time goes on, the impact technology makes on your business will only increase. Hence the risk will only correlate and it is better to be proactive than reactive.
How much does a Cyber Liability Insurance policy cost?
- Size: The more employees, the greater risk of phishing and cyber attacks.
- Industry: The determining factor as the insurer will determine whether your industry is high, medium or low risk.
- Annual revenue: The more money your business makes, the greater the risk of a cyber attack.
- Strength and Security measures: Should high security measures are installed and proper procedures are in place after a cyber attack, insurers may reward the dedication and efforts in preventing cybercrime by reducing premiums.