What Does Cyber Liability Insurance Cover?
Cyber liability insurance is essential for businesses in today’s digital landscape. It primarily covers the costs associated with data breaches and cyberattacks. Here are the key areas of coverage:
- Data Breach Costs: This includes expenses related to notifying affected customers, credit monitoring services, and legal fees.
- Business Interruption: Coverage for lost income and expenses incurred while your operations are disrupted due to a cyber incident.
- Cyber Extortion: This includes payments made to cybercriminals in ransomware attacks and the cost of hiring experts to negotiate.
- Legal Defense Costs: Protection against lawsuits resulting from data breaches or privacy violations, including settlement costs.
- Network Security Liability: Covers claims resulting from the failure of your network security leading to unauthorized access to sensitive data.
- Media Liability: Covers damages arising from online content, including copyright infringement and defamation claims.
In summary, cyber liability insurance safeguards your business from the financial repercussions of cyber incidents, helping to ensure resilience in an increasingly vulnerable digital world.