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Cyber liability insurance won’t prevent a hack, but it will help you recover from one. There are two main types:
• First-party coverage, which responds to a loss resulting from a cyberattack on your business network • Third-party coverage, which responds to cyberattacks on others’ systems or networks Coverage Highlights in a cyber liability policy. Client notification • States have data breach notification laws that require companies to tell clients about a breach. Free credit monitoring • Services can cost $10 to $30 per month per individual. Most states require businesses to provide it for a year. State and federal penalties • You might be fined if you are found liable for a breach. Legal defense costs • You’ll need to mount a defense if a client sues you for exposing their data. Cost to repair damages • You’ll need tech expertise to rebuild your computer systems and networks. Ransom negotiations • An expert can help by removing emotions from the process and negotiating a payment reduction. Ransom payments • Some policies reimburse ransom payments, but the conversation around ransom payments is changing. Make sure you understand the exclusions. Data breach due to stolen property • Cyber liability won’t cover the cost to replace a laptop or other device (that’s property insurance), but it will respond to the data exposed due to the theft. |
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