Are you aware of your current insurance coverage as it pertains to cyber liability insurance? Most general liability policies don’t provide adequate coverage, and unfortunately data breaches continue to occur at an alarming rate.
With so much confidential information being stored online, the risk of exposure for a company is high and damages associated with a breach can be significant. Many business owners believe that their security measures are top notch but often overlook that a breach can result from within—unfortunately employee negligence is a significant source of data breaches.
The key benefits of cyber liability insurance are:
Cyber liability insurance mitigates losses from a variety of cyber incidents including data breaches, business interruption, and network damage. Cyber insurance policies cover, but aren’t limited to:
The good news is that privacy and network security coverages insure you for both first and third party costs. This includes the cost to you to respond to a privacy breach or security failure, and also covers you if a claim is made against you i.e. ranging from legal defense, to the liability to banks for the re-issuance of credit cards.
We have strong relationships with insurance Carriers that specialize in cyber liability policies, and look forward to discussing what type of coverage is appropriate for you. Cyber liability insurance will give you the peace of mind so you can focus on continuing to grow your business!
Please contact Michael Murray, a Risk Management Consultant at Provider Group. He works with clients to design and implement risk management strategies. Mike can be reached at 774-254-0396 or firstname.lastname@example.org.