Cyber attacks and data breaches are unpredictable events that can have disastrous effects on a business. That means choosing the cyber liability coverage you need and having the right protection in place is more important than ever before to handle the aftermath of an attack.
Cyber Security Coverage Can Help Your Business
If your business suffers a cyber attack, the resulting damage can ruin your business. Customer and company information can be stolen, system infrastructure can be destroyed and dangerous viruses can be installed. If your cyber security is compromised, insurance can help in the following ways:
Recover lost income
Retrieve stolen or lost information and data
Notify customers and employees
Public relations support
Forensic analysis to determine the scope of a data breach
Assistance with legal and regulatory fees
The Two Types of Coverage Options
There are two different coverage options based on the extent of the data breach and the fallout from it. A first party response coverage policy offers assistance for customers in the form of notifications, credit monitoring, crisis management and regulatory fines. A third party response policy provides help for a business when a client or a business partner files a lawsuit as a result of the data breach. Your business may need both.
Recovering From Cyber Breaches
Businesses today are constantly on the lookout for ways to increase cyber security. That’s why insurance companies now offer comprehensive cyber liability coverage policies that help business recover from an attack promptly and efficiently.