In our complex modern world where all of our businesses are dependent on a variety of technological platforms; from email to websites to client payments to inventory management to accounting processes and so much more. All of these technologies are susceptible to cyberattacks, and it is not a question of ‘if’ your business will be attacked but ‘when’ your business will be attacked and breached.
What does Cyber Liability Insurance Cover?
Cyber Liability Insurance can cover costs associated with the liability of a claim or suit related to a breach of your systems.
The best way to protect your business is to avoid data breaches, but this is not always possible 100% of the time. It is good business practice to create and implement a business continuity plan to protect and keep your business running when a cyber breach occurs.
Should your cyber systems be breached, how can Cyber Liability Insurance protect your business?
All businesses are responsible for their online data, whether it is stored online, onsite, or off-site backup centers. The insurance providers will recommend that you create policies and procedures for the organization’s collection and storage of data, including document retention procedures.
If an exploit occurs, the Cyber Liability policy can cover data-breach notifications and remediation expenses. It can also cover costs incurred while defending the business against regulatory investigators.
The accidental loss, or theft, of a mobile device of a laptop, can put a business at risk potentially exposing confidential data. Cyber Liability Insurance can include Network and Information Security coverage, which provides protection for the failure to prevent unauthorized access to lost or stolen mobile devices and the data that could be accessed via these devices. In addition to the replacement cost of the devices, coverage also includes any legal/miscellaneous expenses associated with the lost devices.
The law mandates that you must notify your customers when you are subject to a data breach, and you may have to undertake other post-breach actions. Cyber Liability coverage will provide legal support and will assist with the reimbursement of these notifications and actions.
After a breach, you will need the services of computer forensic specialists who will be able to determine the magnitude of the exploit and the impact on your business.
Insurance coverage will reimburse the insured for the expenses associated with computer forensics speciates, subject to the applicable retention.
Potential Business Loss
Coverage can protect against possible business losses, and additional expenses occurred during any downtime associated with the data breach
Cyber Liability Insurance providers support their clients with a range of tools to manage and mitigate the risk of a data breach.
Like all insurance products, Cyber Liability Insurance can be tailored to the needs of the individual business but finding the correct type of Cyber Liability Insurance for your business can be difficult and time-consuming. OceanPoint Insurance has a dedicated team of experienced professionals who specialize in Cyber Liability Insurance and can do the heavy-lifting for you. Our team will work with you to understand your business and then select the best coverage to fit your needs and budget.