Cyber liability insurance covers the damage that your business suffers because of a cyber security breach.
| These costs include things like: – Investigative services – Data recovery: Costs of recovering your data following a breach – Identity recovery: Costs and services needed to get control of your identity information following identity theft. Cyber liability insurance also covers damage impacting your customers or business partners because of the cyberattack. These damages include things like legal fees, customer notifications and settlement costs. |
Cyber liability insurance can provide coverage for costs and expenses related to a number of cyber threat scenarios including:
- Suspected network intrusions
- Cyber extortion threats
- Data breach
- Network or security wrongful acts
- Denial of service and network outage situations.
Cyber liability insurance can also pay for:
- Ransom payments you have to make to get back your data access
- Customer and employee lawsuits due to privacy breaches
- Lost income because of network outages
- Regulatory fines
- Public relations costs to restore your company’s reputation after a data breach.
It’s a good idea to review your cyber liability insurance policy for any exclusions. Here are some examples:
- Intentional acts: Fraud, criminal conduct or knowingly wrongful acts done by you or your employees.
- Prior acts or knowledge: Claims you had knowledge of before your coverage started.
- Subsidiary outside of your control: Any incident experienced by a subsidiary for which you don’t have a majority ownership or management control.
- Criminal proceedings: Claims brought in the form of criminal proceedings, including criminal action, a criminal investigation or grand jury proceeding.
- Business interruption from systems under the control of third parties: Your policy may not cover business interruption costs from a computer system failure owned by a third party.
