What is Cyber Liability?
Cyber Liability Insurance coverage covers a whole host of possible security threats, including data breaches, network failures and other malicious attacks on your security landscape.
The two major types of Cyber Liability Insurance are first-party and third-party. First-party coverage can help cover expenses when your network is hacked or your data is stolen. If your business handles customer and employee data, like credit card details and personal information, your cyber insurance policy covers you in the event of a loss resulting from a cyber attack or cyber crime.
Why you need it.
Third-party coverage offers protection when a customer or partner sues you for allowing a data breach to happen. These occurrences can happen when a network security incident impacts their business. They can also sue your company if any of your electronic communications result in their defamation, infringe their trademarks and copyrights, or violate their privacy policies. Depending on your needs, you may choose either or both types of coverage.
Any business that handles sensitive customer information, is at risk and must protect themselves from theft or legal action. It exposes you and in the event of a breach or network failure you could put your business in a very compromising position. Whether you're a small business, even a one man band, or if you’re a large corporation you are subject to the liabilities that these policies can cover.
Cyber Liability protects you against:
Loss of Customer or Employee Data
Damages from Third-Party Lawsuits
Business Interruption & Extortion
Electronic Media Liability
Network Security Liability
Coverage Against Third-Party Lawsuits