Cyber Liability Insurance

What is Cyber Insurance?

Also known as Cyber Liability Insurance, commercial coverage protects companies from cyber-crime. It covers a whole host of possible security threats, including data breaches, network failures, and other malicious attacks on your digital landscape. 

 

Cyber Insurance offers two types of coverage: first-party and third-party. These can be purchased together or independently, depending on a company's needs.

Cyber insurance is one type of coverage written on iBynd's platform

First-party coverage includes damages to the company holding the policy from losses caused by covered cyber events. Third-party coverage offers protection when a customer or partner sues the company holding the policy for allowing a data breach to happen. These occurrences can happen when a network security incident impacts the company's business and any of the company's electronic communications result in defamation, infringe on trademarks and copyrights, or violate privacy policies.
 

Cyber insurance helps mitigate the risk of doing business in today's modern world

Why is Cyber Insurance needed?

A cyber-attack or data breach is expensive.

Cyber-crime has become the world’s fastest growing crime and more often than not, cyber-attacks are not appropriately covered by standard business insurance.

 

Too often, victims of a cyber-breach do not have the financial ability to rebound and lack the knowledge and resources to restore their business and digital reputation. 

Cyber insurace protects against cyber threats inherent in today's business world

Cyber Insurance Protects Against:

  • Cyber Extortion
  • Cyber Financial Fraud
  • Deceptive Transfer Fraud
  • Cyber Breach of Privacy
  • Cyber Disruption
  • Identity Theft
  • Electronic Data Restoration
  • Electronic Device Replacement

Need help with Cyber Distribution or Coverage?