Cyber Liability Insurance
Any business or organization that collects, processes or stores personal information needs cyber liability insurance, no matter how big or small the company is. In fact, insights from Beazley Breach Response showed that in the first nine months of 2018, 71 percent of ransomware incidents handled by their service team impacted small and medium-sized businesses.
This type of coverage is a necessity to protect your business against online privacy and security exposure that can result when engaging in a variety of electronic activities.
Primary components of a cyber policy may include the following for first party coverage:
- Privacy breach response costs
- PCI fines and penalties
- Business interruption
- Data asset restoration costs
- Cyber extortion and threat expenses
- Cyber crime
- Reputation harm
Components of a cyber policy for third party liability coverage may include:
- Network security liability
- Privacy liability
- Media and website liability
- Regulatory proceedings defense, fines and penalties