Data breaches and cybercrimes are growing, and these incidents can cost your business in major fines and legal fees. Large organizations can suffer security breaches, but so can small businesses. A data breach can risk your computer system, but it can also harm your reputation and expose your employees and customers to the risk of fraud or identity theft. Cyber liability insurance can protect your business in the event of a breach.
What is Cyber Liability Insurance?
Cyber liability insurance is insurance coverage for your business’s liability in a data breach. Hackers may breach your computer system to gain access to sensitive customer information, including payment information, social security numbers, names, addresses, driver’s license numbers, and health records. Your general liability protects your business from liability in the event of an injury or property damage resulting from your products, services, or operations. Cyber liability insurance covers what general liability insurance does not—your business’s liability for stolen personal information.
Cyber liability insurance covers:
- Legal fees and expenses
- Notifying customers of the data breach
- Restoring stolen identities
- Recovering compromised data
- Repairing damaged computer systems
Many states require businesses to notify customers about breaches involving identifying information, which can be an expensive process. Often, businesses will also offer free credit monitoring in an effort to repair damaged customer relations and regain their reputation. This too can be quite costly.
Learn About Your Cyber Liability Insurance Options - (888) 451-0883
At Insurance Specialists, Inc., we are proud to offer businesses high-quality insurance options for every need. For more than 50 years, our Atlanta insurance administrators have helped business owners and professionals find insurance plans that fit their needs, and we are ready to help you. Learn how you can protect your business with cyber liability insurance.
Contact our offices today to discuss your options. Call (888) 451-0883.