Cyber Liability Coverage
Cyber Insurance is both liability and property insurance. It protects a business from internet-based exposure. First-party property coverage against hacking, ransomware, data destruction, extortion, theft and denial of service attacks; liability coverage for losses to others, caused by errors and omissions, failure to safeguard data, or defamation; credit card monitoring, PR and investigative expenses, and criminal reward funds.
Take proactive measures to ensure proper security policies are in place and that the tools have end-point security software. The avg breach costs $250,000 out of your pocket. Transferring that risk to a cyber insurance policy is 1) far more affordable than you think, 2) it covers more than you think, 3) gives you a risk management team that knows how to handle a breach, 4) even if you don’t host data, you’re still responsible, and 5) your general liability policy won’t help you, even if you have a small little sub-limit listed on your General Liability policy. You need a stand-alone cyber insurance policy