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.
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.
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 Insurance Protects Against:
Cyber Financial Fraud
Deceptive Transfer Fraud
Cyber Breach of Privacy
Electronic Data Restoration
Electronic Device Replacement