Cyber Liability Insurance
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Cyber Liability Insurance Information
Your business must account for evolving risks and exposures. In the modern era, the ever-increasing use of technology and online solutions requires your organization to take cyber threats seriously. Fortunately, cyber liability insurance can provide critical financial protection and limit the potentially catastrophic consequences of cyber incidents.
What Is Cyber Liability Insurance?
As its name suggests, cyber liability insurance coverage can financially safeguard your organization from the ramifications of data breaches and other cyber incidents. Also known as cyber security insurance and cyber breach insurance, these policies establish a contractual agreement between you and your insurance company and may help you access funds and resources to help manage the aftermath of malware infections, phishing attacks and other cyberattacks.
What Does Cyber Insurance Cover?
Cyber liability insurance can render aid in many ways following a cyber incident. While the exact capabilities of your policy may vary, this type of coverage can generally provide financial assistance for the following:
- Response costs—This may include costs related to notifying affected parties and hiring digital forensics professionals to investigate the incident.
- Additional services—Your coverage may help pay to hire credit and fraud monitoring services, legal personnel and public relations firms.
- Cyberextortion payments—If a cybercriminal uses ransomware to lock your systems or blackmail your company, this coverage may help you meet their monetary demands.
- Noncompliance fines—Cyber liability insurance may help pay penalties issued by regulatory agencies following cyber incidents.
- Business interruption losses—This part of your policy may help your company recoup lost or reduced revenue if a cyber incident delays or disrupts your normal operations.
Who Needs Cyber Liability Insurance?
In today’s digital age, most organizations rely on technology at some level, meaning the importance of cyber liability insurance may transcend industry lines and other unique characteristics. Businesses that regularly store, manage or transmit sensitive data, such as banking information, social security numbers or health records, may especially need this type of coverage.
We’re Here to Help
At Deale & Associates Insurance Agency, our dedicated team is well-equipped with the knowledge and experience to ensure businesses in Annapolis and throughout Maryland are appropriately protected by optimal cyber liability coverage. Contact us
today to learn more.