Cyber Liability Insurance
Let’s Protect the Future of Your Business
Why do you need cyber liability coverage?
In an age where data is currency, it’s crucial that we protect our company’s and our customer’s data from being stolen or compromised. PwC predicts that the cyber insurance industry will triple by 2020. While Cyber Liability Insurance is not required by law, any company that stores or maintains customers’ sensitive personal data, whether it be addresses, phone numbers or credit card numbers should be adequately covered in the event of a data breach or a leak.
What to expect for your coverage
A Cyber Liability Insurance policy typically protects your business from third party claims arising as a result of security breaches (hacks) or activity which compromises private data in any form (paper or digital). Depending on the policy, it can also cover first party costs incurred by your organization in the event of a security breach, including some fines, legal fees, or hiring experts.
Let’s tailor your coverage
Your Cyber Liability policy will depend on the amount of data you collect and how that data is stored across your organization. Here are some questions to get you thinking about what you need for your company:
- Has your organization done a full assessment of its vulnerability to cyberattacks?
- Does it follow best practices by enabling defenses and controls to protect against attacks as much as possible?
- Does your company provide employee education in the form of security awareness, especially for phishing and social engineering, as part of your protection plan?
Contact us so we can put together a customized plan for your Cyber Liability needs today.