Cyber security breaches are a massive, costly and growing problem. It is essential that you protect your company by purchasing insurance to offset the significant risk associated with doing business and storing information online.
What types of cyber liability coverage do you need to protect your company from potential online threats? Each business has unique cyber risks, and it is important to work with a specialist broker to obtain the level and type of coverage that best suits the needs of your company. Here are some types of available coverage:
First Party Coverage
- Notification coverage – a risk transfer option in countries or states that have enacted mandatory data breach notification laws (which is a direct cost that can be quite high)
- Extortion liability cover – protects from fees and losses resulting from extortion
- Media liability cover – defacement of website and intellectual property rights infringement
- Business interruption cover – defends from downtime losses
- Reputational damage cover – protects against damages associated with loss of customers and the prices they expect to pay
Third Party Coverage
- Data breach or privacy crisis management cover – encompasses the expenses related to controlling the event such as the investigation, notification, forensics, remediation, credit checking, legal costs and fines
- Network Security liability – covers losses from denial of access and data theft from third-party systems
Comprehensive cyber liability coverage must be customized by a knowledgeable specialist broker who will work with your company to assess the risks and provide you with the right level of comprehensive coverage to ensure that you are protected from cyberattacks.