Not all Cyber Liability Policies are Created Equally. Getting a Cyber Liability quote is free, there is no obligation and can be turned around in minutes.
Without having Cyber Liability Insurance
With Cyber Liability Insurance
The expense of your business being interrupted, regulatory fines, restoring your data etc… will be solely on you.
Cyber Liability Insurance Is Serious Business.
Unfortunately, data breaches and other cybercrimes are becoming way too common. In the past couple of years, data breaches have resulted in major fines and legal fees - not to mention headaches - for a discount retail chain, one of the nation's largest banks, a well-known health insurer, an entertainment network, and the federal government.
But it's not just large organizations that are susceptible to being hacked or getting a virus. Did you know that 55% of small businesses have experienced a data breach and that 53% have had multiple breaches?
As a business owner, it is your responsibility to be concerned about the privacy and security of the personally identifiable information (PII) you gather and keep on your business’ computers. That’s why it’s important to protect your business with Cyber Liability Insurance to help you respond to scenarios like:
Your business’ computers get a virus that exposes private, sensitive information
Customers or patients sue you after your business exposes their PII, PHI, or PCI.
You are faced with high public relations costs to help protect your brand reputation post-breach.
What Cyber Liability Insurance Covers
These are just a few areas in which a Cyber Liability Insurance policy will protect your business. Don't know what some of these mean? The Bunker can help.
Did You Know That Cyber Incidents are Typically Excluded on Most General Liability Policies?
General liability insurance covers bodily injuries and property damage resulting from your products, services or operations. Cyber insurance is often excluded from a general liability policy.
Cyber liability insurance is a specialized policy that is customized to cover many of the risks your business faces from an information breach. A number of action steps must be taken once your business has experienced a cyber hack. Some of these steps include:
- Notifying customers and clients of the breach (a legal requirement in most states, can cost approximately $200 per client)
- Dealing with ransom payments
- Paying regulatory fines or penalties
- Lost income to your business from a cyberattack
A true cyber liability insurance policy insurance policy provides coverage for both first party and third party claims that will cover breach notification costs, credit monitoring service costs, computer forensic costs, as well as crisis management and media liability coverage.
